DHAHRAN, Saudi Arabia – Saudi Aramco has signed a memorandum of understanding (MoU) with Kellogg Brown & Root (KBR).
This is the latest milestone in Aramco’s In Kingdom Total Value Add (IKTVA) program, designed to promote operations that further long-term economic growth, diversification, job creation, and workforce development inSaudi Arabia.
One of the company’s goals is to achieve at least 70% of its procurement spending within the Kingdom’s supply chain by 2021.
Under the MoU, KBR has committed to a five-year action plan to expand and develop KBR’s in-Kingdom resources, with provisions for cooperation between the two companies.
This includes sharing of information to help Aramco monitor KBR’s compliance with the IKTVA action plan, and a business development model under which both parties will seek opportunities to expand their current business relationship.