Aramco, a leading integrated energy and chemicals company, has taken significant steps in its strategic localization programme by finalising 40 corporate procurement agreements valued at $6 billion with suppliers within the Kingdom of Saudi Arabia.
These agreements are designed to bolster Aramco’s domestic supply chain ecosystem, reinforcing the company’s resilience, reliability, and ability to cater to the changing demands of its clientele. They also offer suppliers long-term visibility into demand, empowering them to seize future growth opportunities and further the localisation agenda.
Moreover, these initiatives align with the goals of Aramco’s iktva programme, the company’s flagship initiative aimed at fostering economic growth and generating new prospects for Saudi nationals.
Wail Al Jaafari, Aramco executive vice president of technical services, highlighted the significance of these agreements, stating, “The 40 new agreements signed today are expected to contribute to the domestic value chain and enhance the ecosystem that Aramco is cultivating. These agreements propel us towards a more prosperous, diverse, and resilient supply chain, ensuring business continuity. They also mark a pivotal milestone in our iktva journey, offering our partners the opportunity to thrive in a dynamic and increasingly diversified operational landscape.”
Encompassing various sectors, these new corporate procurement agreements encompass the supply of a wide range of products, including critical commodities such as instrumentation, electrical equipment, and drilling equipment. Additionally, Aramco has entered into two Memoranda of Understanding with strategic partners to foster collaboration on localisation and supply chain development.
For more information visit www.aramco.com
