Saudi Aramco signs partnerships worth $11 bln

Saudi Aramco signed 59 corporate procurement agreements with 51 local and international manufacturers valued at USD 11 billion, Saudi Arabia’s NOC announced on Tuesday.

The deals include procurement of drilling chemicals, wellheads, switchgears, vibration monitoring systems, pipes, compressors, structure steel, fittings and flanges and air-cooled heat exchangers.

Part of the agreements include establishing local facilities, technology transfer, local research and development and developing the country’s human capital and supply chain. Entities involved receive preferred status with Saudi Aramco and its affiliates.

Baker Hughes, Cameron Al Rushaid, Halliburton, SLB and TechnipFMC are among the signers.

The contracts are part of the country’s In-Kingdom Country Value programme launched in 2015 that includes establishing long-term relationships with suppliers. The initiative has contributed more than USD 130 billion to Saudi Arabia’s GDP and created 100,000 jobs.

Around 5,000 new jobs are expected to be created in the Saudi market linked to the deals.