Italian energy services group Saipem has signed an agreement with Saudi Aramco to discuss the establishment of a company to carry out engineering and construction work in Saudi Arabia.
According to Arab Net, Saipem said in a statement that the new company will undertake engineering and construction work in the energy and industrial infrastructure sector.
The agreement, signed on September 7, comes within the framework of the Namaat Industrial Investments Program adopted by Saudi Aramco.
In the first week of September, Aramco announced major expansions in its industrial investment program (Namaat Aramco), with the signing of 22 new memoranda of understanding, in addition to a joint venture agreement. Focuses on capacity building in four main sectors: sustainability, technology, industrial services, and advanced materials.
Namaat aims to take advantage of the vast opportunities available in the Kingdom to create new value and drive growth and economic diversification.
