Saudi Aramco Inks Six New Deals
As part of its program to increase local content and boost domestic supply chains, Saudi Aramco has signed significant memorandums of understanding (MoUs) with six firms.
The name of the companies and their respective areas of collaboration are:
POSCO- The agreement will evaluate the feasibility of building an integrated steel plate manufacturing plant in Saudi Arabia.
Suzhou XDM 3D Printing Company Ltd- The contract will explore collaboration in Saudi Arabia on industrial 3D printing technologies and development.
SHEN GONG New Materials (Guang Zhou) Co. Ltd- The agreement will concentrate on the development of LED lighting, energy management, and intelligent control systems technologies.
XINFOO Sensor Technology Company Limited- The contract will explore possibilities in the production of chips and related technologies.
Shell & AMG Recycling B.V.- The agreement will explore collaboration to develop, in addition to providing sustainable solutions, plans for a state-of-the-art regional hub for the recycling of gasification ash, and recovery of spent catalysts.
Zhejiang SUPCON Technology Co. Ltd- The agreement will explore the potential for joint investment opportunities for the value chain of manufacturing and services in Saudi Arabia.
Marking a significant milestone in its in-Kingdom total value added (IKTVA) program, the signings paved the way for new business launches across several innovative growth sectors, including industrial 3D printing and digital equipment manufacturing, and steel plate manufacturing.
Despite the uncertainties surrounding the global economy, Aramco has maintained its focus on long-term goals for a resilient ecosystem and a more diversified Saudi economy to enable growth and development.
The partnerships would promote creativity, sustainability, and improve the scale of reliability. They will also focus on new technologies, maximizing investments in the circular carbon economy, and non-metallic materials, as well as the development of talented Saudis.
Aramco has a history of helping the local business environment. The IKTVA program is a manifestation of its dedication in this direction, and the resulting investments, either directly by Aramco or indirectly by suppliers, have encouraged localization, contributed to the resilience of Aramco’s supply chain and strengthened the economic growth of Saudi Arabia.
This journey will continue with Aramco’s planned partnerships and advance the economic progress of the Kingdom. Aramco acts as an enabler, promoting the development of national champions. It is extending its flagship program, and in the future, it expects more partnerships.