Saudi Aramco dishes out new deals worth $11bn
Saudi Aramco has inked 59 corporate procurement agreements (CPAs) valued at $11bn with up to 51 domestic and international manufacturers, including #BakerHughes, Cameron Al Rushaid, Halliburton, SLB, and #TechnipFMC.
The state oil giant said the CPAs, under its in-kingdom total value add (iktva) programme, cover multiple strategic commodities, such as drilling chemicals, wellheads, switchgears, vibration monitoring systems, pipes, compressors, structure steel, fittings and flanges, and air-cooled heat exchangers.
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The deals are expected to reinforce Aramco’s supply chain and result in the development of materials manufacturing facilities in the kingdom, with the potential to create 5,000 new local jobs over the next decade.
Since the launch of the CPA pillar, Aramco has entered into over 100 CPAs. “These strategic agreements have driven localization in critical commodities such as drill bits, downhole, valves, pressure vessels, and process automation systems. In addition, some CPA holders now export materials globally while providing Aramco with the capacity to embark on the most robust project portfolio in the company’s history,” the company said.
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Aramco launched iktva in 2015 with the goal of establishing a world-class supply chain in Saudi Arabia. The programme has contributed more than $130bn to the kingdom’s gross domestic product while creating more than 100,000 supply chain jobs.
Source: Splash 247
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