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    Aramco enters further oil and gas MoUs

    Jan. 26, 2022
    Aramco has signed 50 new memoranda of understanding at the In-Kingdom Total Value Add Forum and Exhibition.
    Related To: Aramco
    (Courtesy Saudi Aramco)
    Aramco Iktva

    Offshore staff

    DHAHRAN, Saudi Arabia – Aramco has signed 50 new memoranda of understanding (MoUs) at the In-Kingdom Total Value Add (iktva) Forum and Exhibition.

    The iktva program is designed to drive value creation in Saudi Arabia, improve long-term economic growth and develop a strong supply chain, Aramco said, during a period in which global supply chains continue to be disrupted by COVID-19.

    As a result of iktva, the company was able to direct 59% of its expenditure last year to domestic suppliers, compared with 35% in 2015 when the program was started.

    Among the new MoUs are:

    • Schlumberger – A partnership on climate leadership and digitalization through localization initiatives 
    • Cameron/TechnipFMC/Baker Hughes – Wellhead equipment localization procurement agreements 
    • Larsen & Toubro – Pressure vessel fabrication localization

    Aramco also issued the following awards:

    Best in supplier development

    • Baker Hughes

    Best in Saudization

    • In manufacturing sector: ArcelorMittal
    • In services sector: Arabian Drilling Company

    Best in exports

    • In services sector: Saudi Aramco Nabors Drilling

    Highest overall iktva performance

    • In services sector: Schlumberger Middle East

    01/26/2022

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