Aramco signs 50 new agreements
Aramco’s supply chain resilience has been further enhanced by the signing of 50 new Memoranda of Understanding (MoUs) at the In-Kingdom Total Value Add (iktva) Forum and Exhibition. The 6th edition of the event was inaugurated by HRH Prince Saud bin Nayef bin Abdulaziz Al-Saud, Prince of the Eastern Province, in the presence of HRH Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy and HRH Ahmed bin Fahd Al Saud, Deputy Governor of the Eastern Province, and HE Yasir Othman Al-Rumayyan, Chairman of Aramco’s Board of Directors. Progress in the Company’s flagship business continuity initiative is being showcased at the three-day gathering, which runs from January 24 to 26 at Dhahran EXPO, in the Kingdom of Saudi Arabia.
The iktva program aims to drive domestic value creation, maximize long-term economic growth and diversification, and build a world-class supply chain that facilitates the development of a diverse, sustainable and a globally competitive energy sector in the Kingdom, at a time when global supply chains have been disrupted by the COVID-19 pandemic.
As a result of iktva, 59% of Aramco’s spending in 2021 was directed to domestic suppliers, up from 35% in 2015 when the program was launched.
Held under the theme ‘Paving the way to economic success’, the iktva forum highlights how partnerships with some of the world’s top energy, logistics, and manufacturing companies continue to enhance the domestic commercial ecosystem and enable the reliable supply of energy to the world.
The forum will also recognize the outstanding achievements of Aramco’s program partners across 10 categories, which include overall iktva performance, training, Saudization, female representation, supplier development, and exports.
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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