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    Oil giant Aramco signs 50 agreements during 6th iktva forum


    January 24, 2022 - Arab News

     

      Updated 14 sec ago

      Arab News

      January 24, 2022 13:39

      Follow @arabnews

      RIYADH: Saudi oil giant Aramco signed 50 new agreements at the In-Kingdom Total Value Add forum and exhibition, known as iktva, amid its supply chain resilience enhancement.

      The agreements include a climate leadership and digitalization deal with Schlumberger; equipment localization procurement agreements with Cameron, Technip FMC and Baker Hughes companies; and a partnership deal on pressure vessel fabrication localization with Larsen & Toubro.

      Aramco also signed agreements with Sutherland Global Services on smart city services localization; a desalination agreement with Tanajib Cogeneration Power Co.; and a localization of process automation solutions partnership with US’s Honeywell.

      The iktva program increased Aramco’s spending with domestic suppliers in 2021 to 59 percent, up from 35 percent in 2015 when the program was launched.

      Amid global supply chain disturbances, the program aims to drive domestic value creation, maximize long-term economic growth and diversification to develop a sustainable and globally competitive energy sector in the Kingdom.

      “It wasn’t possible to foresee the consequences of the COVID-19 pandemic, but iktva helped us to prepare for the disruptions it caused to the global supply chain,” Aramco CEO Amin Nasser said.

      The three-day forum, running from Jan. 24 to 26 at Dhahran EXPO, showcases progress in Aramco's flagship business continuity initiative.

      Held under the theme ‘Paving the way to Economic Success’, the forum recognizes the achievements of Aramco’s program partners across 10 categories, including overall iktva performance, training, Saudization, female representation and exports.

      With local content contributing over $100 billion to the Saudi economy, iktva has attracted more than 540 investments to Saudi Arabia from 35 countries.

      Major signings include:

      -- Schlumberger – Partnership on climate leadership and digitalization through localization initiatives -- Cameron/TechnipFMC/Baker Hughes – Wellhead equipment localization procurement agreements -- Larsen & Toubro – Pressure vessel fabrication localization -- Sutherland Global Services – Smart City services localization -- Tanajib Cogeneration Power Company – Tanajib cogeneration and desalination agreement -- Honeywell – Localization of process automation solutions -- Alfanar Company - Carbon fiber investment collaboration

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