Aramco invests $6bn to bolster local supply chain

Aramco invests $6bn to bolster local supply chain

Saudi Aramco, the world’s largest oil producer, has signed 40 corporate procurement agreements worth $6 billion to boost its localisation programme. The agreements cover supply of a range of products comprising strategic commodities, such as instrumentation, and electrical and drilling equipment. The move will strengthen Aramco’s domestic supply chain ecosystem, providing suppliers with long-term demand […]Saudi Aramco, the world’s largest oil producer, has signed 40 corporate procurement agreements worth $6 billion to boost its localisation programme.

The agreements cover supply of a range of products comprising strategic commodities, such as instrumentation, and electrical and drilling equipment.

The move will strengthen Aramco’s domestic supply chain ecosystem, providing suppliers with long-term demand visibility and advance localisation efforts.

The oil major’s iktva programme aims to drive economic growth and create job opportunities for Saudi nationals. 

“The 40 new agreements are expected to contribute to the domestic value chain, and further enhance the ecosystem that Aramco is helping to build,” Wail Al Jaafari, executive vice president of technical services, Aramco, said.

Earlier this month, energy minister Prince Abdulaziz bin Salman said Aramco found significant quantities of proven reserves of gas and condensate in the Jafurah unconventional field.

In another update, the oil company said that work is currently underway to