Aramco has signed 40 corporate procurement agreements worth $6bn with suppliers in Saudi Arabia.
The agreements aim to strengthen the energy giant’s domestic supply chain ecosystem to meet customers’ demands and provide suppliers with long-term visibility of expected future demand.
In addition, they contribute to achieving the objectives of Aramco’s In-Kingdom Total Value Add (iktva) program, the company’s pioneer initiative that aims to drive the growth of a vibrant economy and create new opportunities for Saudi people.
Aramco procurement deals
Executive Vice President of Technical Services Wail Al-Jaafari said: “The 40 new agreements signed today are expected to contribute to the domestic value chain and further enhance the ecosystem that Aramco is assisting 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 with an opportunity to benefit from a robust and diversified business environment”.
Additionally, the company signed two MoUs with strategic partners to collaborate on localisation and supply chain development.
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