Aramco signs memoranda of understanding with several international companies

Saudi Aramco has signed memoranda of understanding with several international companies as part of the company's plans to establish new international partnerships and establish companies through the industrial investment program linked to the development of the company's business. / p>

According to Arabiya Net, the company stated in a statement that these agreements were concluded with Royal Shell and AMG, the Netherlands, and Chinese companies that included: Sogo (XDM), Shin Gong Corporation, Zenfu Corporation, Zhejiang Sopcon Technology Co., Ltd., as well as POSCO, which is headquartered in South Korea.

The signing of these memoranda represents a major addition to the program to enhance the total value added of the supply sector in the Kingdom (IKTVA) since its launch five years ago on December 1, 2015.

This strategic collaboration will pave the way for the launch of new businesses across several innovative growth sectors, including: sheet steel fabrication, 3D printing, and digital equipment manufacturing. Energy management and control systems, chemical media manufacturing and recycling, as well as the manufacture of advanced electronic chips and smart sensors, according to Aramco.

This cooperation reflects Saudi Aramco's commitment to enhancing its reliability and operational efficiency, and at the same time, boosting the industrial structure in the Kingdom, which in turn will strengthen the commercial system and support the local supply chain And providing new job and training opportunities in large numbers for the Saudi workforce.

Saudi Aramco's president and chief executive officer, Amin bin Hassan Al-Nasser, said: Saudi Aramco has achieved great success, thank God, since it launched the iktva program 5 years ago to increase content. Local, where the company's Local Content Index increased from 35% to 56%.

and added: Despite the fluctuations surrounding the global economy at the present time, our focus is on our long-term goals that take into account the company's interest and at the same time create a tangible positive impact on Business environment, economic development and GDP in the Kingdom.

and continued: In light of the company's plans consistent with Vision 2030, which seek to attract investment, achieve economic prosperity and increase growth, we see opportunities for new business and partnerships with partners with pioneering experience in the fields Environmental, industrial, and digital transformation technologies and techniques of the Fourth Industrial Revolution. These new partnerships will contribute to advancing innovation, sustainability and reliability in Saudi Aramco's business, and will also add value to companies operating in the energy sector in the Kingdom, which is a large sector that seeks continuous development and excellence at the global level.

these partnerships will also be strengthened, ...