Saudi Aramco Secures Several Deals Valued at $6 Billion
Saudi Aramco Secures Several Deals Valued at $6 Billion

Saudi Aramco Secures Several Deals Valued at $6 Billion

  • 28-Feb-2024 2:21 PM
  • Journalist: Sasha Fernandes

Aramco, a prominent player in the global energy and chemicals landscape, has taken a significant stride towards advancing its strategic localization initiatives by finalizing a series of 40 corporate procurement agreements valued at a staggering $6 billion with suppliers operating within the Kingdom of Saudi Arabia.

These agreements signify a monumental leap towards reinforcing Aramco's domestic supply chain ecosystem, a pivotal component in bolstering the company's resilience, dependability, and agility to effectively cater to the dynamic demands of its customer base. Furthermore, these arrangements provide suppliers with invaluable long-term visibility into demand patterns, empowering them to capitalize on forthcoming growth prospects and spearhead localization endeavors.

Moreover, these agreements seamlessly align with the overarching objectives of Saudi Aramco's iktva program, a cornerstone initiative aimed at nurturing a vibrant economic landscape and fostering fresh avenues for Saudi nationals. The recent conclusion of 40 such agreements is anticipated to inject vigor into the domestic value chain, thereby amplifying the ecosystem that Aramco is actively nurturing. This strategic maneuver catapults us towards a more prosperous, diversified, and resilient supply chain, pivotal for ensuring uninterrupted business operations. Additionally, these accords signify a significant milestone in our ongoing iktva journey, providing our partners with a gateway to harness opportunities in an increasingly dynamic and diversified operational milieu.

Spanning across a myriad of sectors, the recently sealed corporate procurement agreements encompass a diverse spectrum of product categories, including indispensable commodities such as instrumentation, electrical equipment, and drilling equipment. Furthermore, Aramco has entered into two strategic Memoranda of Understanding with key partners, aimed at fostering collaboration in localization efforts and driving the development of the supply chain ecosystem.

These initiatives underscore Saudi Aramco's steadfast commitment to bolstering the domestic economy, enhancing the capabilities of local suppliers, and fostering sustainable growth within the Kingdom of Saudi Arabia. Through these strategic alliances and localization endeavors, Saudi Aramco continues to play an instrumental role in steering economic diversification and creating opportunities for the nation's workforce.

Saudi Aramco, officially known as the Saudi Arabian Oil Group or Aramco (previously Arabian-American Oil Company), stands as a state-owned entity specializing in petroleum and natural gas. It serves as the national oil company of Saudi Arabia. Renowned for its vast reserves, Saudi Aramco boasts the world's second-largest proven crude oil reserves, exceeding 270 billion barrels (43 billion cubic meters). Additionally, it holds the distinction of having the highest daily oil production among all oil-producing companies.

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