Aramco inks 50 MoUs to up localisation

Saudi Arabia

DHAHRAN, January 26, 2022 – Saudi Aramco has signed 50 MoUs that look to add USD 100 million to Saudi Arabia’s national economy, the NOC announced on Monday.

Key signers include international players Schlumberger, TechnipFMC, Baker Hughes, Larsen & Toubro and Honeywell.

All partnerships were signed during the In-Kingdom Total Value Add Forum and Exposition in Dhahran.

Since the In-Kingdom Value Add programme began in 2015, the NOC’s spending directed to domestic suppliers has raised from 35% to 59% in 2021.

The initiative has so far attracted 540 investments to Saudi Arabia from 35 countries.

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