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May, 07 2018

Saudi Aramco Signs an Agreement with Local Manufacturers

The agreement will boost the company’s ongoing support and responsibility to qualify Saudi small and medium-sized enterprises (SMEs) in organizations with Saudi Vision 2030.

Saudi Aramco Signs an Agreement with Local Manufacturers

Saudi Aramco has granted purchase agreements to 16 Saudi pressure vessel manufacturers as a part of the development of its In-Kingdom Total Value Add (IKTVA) programme.

The agreements carry a provision value of over $6.26 billion and will focus on the supply of pressure vessels by all 16 local manufacturers.

According to Saudi Aramco, the agreement will boost the company’s ongoing support and responsibility to qualify Saudi small and medium-sized enterprises (SMEs) in organizations with Saudi Vision 2030.

Saudi Aramco’s vice president of procurement and supply chain management, Abdulaziz Al Abdulkarim said, “These agreements, set for 10 years, will expand the local industry’s capability and provide high quality supply of materials and services to Saudi Aramco.”

He added, “IKTVA is a cornerstone of Saudi Aramco’s procurement process which will expedite localization, promote locally-based SMEs and help economic diversification in support of Saudi Vision 2030.”

Al Abdulkarim also said that small and medium-sized enterprises (SMEs) are the engine of innovation for economic growth and development.

He said “They have the agility, the know-how, the market expertise, and the products the oil and gas industry requires.”

“That is why Saudi Aramco recognizes the huge potential of SMEs and we believe the companies chosen under this agreement will step up to the challenge and meet the required expectations.”

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