Saudi Aramco signs wide-ranging MoUs

Offshore staff

RIYADH, Saudi Arabia – Saudi Aramco has signed 15 memoranda of understanding (MoUs) and strategic/commercial collaborations with 15 international companies from eight different countries.

Total value of the contracts is more than $34 billion.

The MOUs will support Aramco’s forward plans, including offshore and engineering. Some will assist theIn-Kingdom Total Value Add (IKTVA) program, Aramco’s initiative to improve the domestic Saudi supply chain and employment potential through greater engagement with local businesses.

Its aim is to achieve 70% of locally supplied goods and services by 2021.

Among the MOUs are:

• A collaboration with Hyundai Heavy Industries concerning the latter’s potential investments in the King Salman International Maritime Complex for Industries and Services at Ras Al Khair
• MOUs with Baker Hughes GE, Schlumberger, Halliburton, and Oilfield Supply Center
• MOU with Flex-Steel to invest in an RTP reinforced thermoplastic pipe facility
• MOU with NPCC (National Petroleum Construction Company, UAE) to invest in a fully integrated fabrication yard and marine base
• MOU with SeAH Changwon Integrated Specialty Steel Co to invest in localization of engineering steel
• MOU with GumPro (India) to invest in a drilling chemicals facility.

10/31/2018