May 21, 2024

Aramco Announced Inking Supply Agreements Worth USD6Bn

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Aramco, one of the global leading integrated energy and chemicals companies signs 40 corporate procurement agreements worth $6 billion in KSA
Aramco signing ceremony for corporate procurement agreements in Saudi Arabia-Image Credit-Saudi Aramco

Aramco, one of the global leading integrated energy and chemicals companies, recently advanced its strategic localization program by signing 40 corporate procurement agreements worth $6 billion with suppliers in the Kingdom of Saudi Arabia.

Industry sources added that these agreements focus on boosting Aramco’s domestic supply chain ecosystem, contributing to the Company’s resilience, reliability, and ability to meet the evolving needs of its customers. They also provide suppliers with long-term visibility of demand, enabling them to capture future growth and advance localization efforts.

In addition, they contribute to achieving the objectives of Aramco’s iktva program, the firm’s core initiative that focuses on driving the growth of a vibrant economy and creating the latest opportunities for Saudi nationals.

Wail Al Jaafari, Aramco Executive Vice President of Technical Services

Wail Al Jaafari, Aramco Executive Vice President of Technical Services, commented: “The 40 new agreements signed today are expected to contribute to the domestic value chain, and further enhance the ecosystem that Aramco is helping to build. These agreements move us towards a more prosperous, diverse, and resilient supply chain, which will help ensure business continuity. They also represent a key milestone on our iktva journey, and provide our partners an opportunity to benefit from a dynamic and increasingly diversified operating environment.” 

Industry sources further added that the latest corporate procurement agreements cover a diverse spectrum of sectors and span the supply of a range of products comprising strategic commodities, such as instrumentation, and electrical and drilling equipment. In addition, Aramco signed two Memoranda of Understanding with strategic partners to collaborate on localization and supply chain development.

Source

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