Aramco plans to sign 30 deals worth $ 25 billion

Saudi Aramco expects to sign 30 deals worth $ 25 billion with local and foreign companies as part of efforts to expand the kingdom's industrial base and manufacture more locally.

The agreements are to be signed on the sidelines of the Aramco Forum for the Kingdom's Value Added Enhancement Program.

The "Sufficiency" program is a plan developed by the state oil giant a few years ago with the aim of doubling the proportion of locally produced energy and goods and services to 70% of total expenditures by 2021.

600 domestic facilities within Aramco's supply chain.

"It is a major focus of Aramco's strategy to support the national economy," said Mohammed Al-Shammari, vice president of procurement and supply chain management, in an interview with Al Arabiya.net.

He added that the program "Sufficiency" aspires to raise the proportion of local content from 50 to 70% in 2021.

This is our great ambition. It is not an easy task. It requires everyone to come together, and a permanent forum for modernization, with more than 3000 participants, 1000 local and international companies and more than 50 investment opportunities worth more than 13 billion riyals.

He pointed out that more than 600 local companies within the supply chain at Aramco, explaining that the incentives of foreign suppliers within the "sufficiency" include the provision of transport costs and import taxes.

He said that foreign suppliers recognize the importance of the sufficiency program, which enhances the added value of Aramco's supply sector.

Aramco is going to sign 5 agreements to supply oil to China.

SAUDI ARABIA (Reuters) - Saudi Aramco said it would sign five new crude oil supply agreements with Chinese customers, bringing the total crude oil it agreed to supply to China in 2019 to 1.67 million bpd.

Comments