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At a value of 41 billion riyals, Aramco signs 59 agreements within the sufficiency program
Partnership agreement. shake hands in the office, make a deal

Aramco has signed 59 strategic purchase agreements with 51 local and international manufacturing companies, which are likely to create 5,000 new jobs in the Kingdom over the next decade.

The agreements, worth 41.25 billion riyals, are expected to strengthen Aramco’s supply chain and lead to the development of materials manufacturing facilities in the Kingdom.

The purchase agreements include a number of strategic commodities, such as: drilling chemicals, wellheads, actuation control assemblies, vibration monitoring systems, piping, compressors, structural steel, fittings and connectors, and air-cooled heat exchangers.

Among the companies signed to these agreements are Baker Hughes, Cameron Al-Rasheed, Halliburton, Schlumberger and Technip FMC. These agreements are part of a strategic pillar represented by the program to enhance the total value added of the supply sector in the Kingdom (Iktva), where strategic purchase agreements are used to establish long-term agreements and commitments with supplier partners.

The strategic purchase agreements aim to establish a framework for mutual cooperation and joint success in line with Aramco’s vision to establish a world-class supply chain in the Kingdom.

Under the strategic purchase agreements, the supplier partners will establish local facilities, transfer technologies, conduct local research and development, and develop the local workforce and supply chain, while gaining favor with the company, Aramco’s joint ventures, and its affiliates.