BAKU, Azerbaijan, February 28. Saudi Aramco has inked 40 procurement deals totaling $6 billion with suppliers in Saudi Arabia, Trend reports.
According to the company, these agreements are aimed at boosting Aramco's local supply chain network, bolstering the company's resilience, reliability, and ability to adapt to the changing needs of customers.
Moreover, the deals offer suppliers a clear view of long-term demand, empowering them to seize future growth opportunities and further contribute to the localization efforts, Aramco noted.
Beyond that, the agreements play a crucial role in supporting the objectives of Aramco's iktva program - the company's flagship initiative aimed at fostering a robust economy and generating fresh opportunities for Saudi nationals.
These new corporate procurement agreements cover a wide range of sectors, including the supply of essential products such as instrumentation, electrical equipment, and drilling gear. Additionally, Aramco has inked two Memoranda of Understanding with strategic partners to foster collaboration in the realms of localization and supply chain development.
"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," said Wail Al Jaafari, Aramco Executive Vice President of Technical Services.