Riyadh, November 30 - Neftegaz.RU. Saudi Aramco
today announced the expansion of its flagship program to increase local content and boost domestic supply chains. The expansion includes plans for new international partnerships and the establishing of companies through an Industrial Investment Program (IIP), which is linked to the development of Aramco's business.
Saudi Aramco has concluded MoUs with the following companies:
- POSCO – an agreement to collaborate on evaluating the feasibility of constructing an integrated steel plate manufacturing plant in Saudi Arabia.
Suzhou XDM 3D Printing Company Ltd – an agreement to collaborate on industrial 3D printing technologies and development in Saudi Arabia.
SHEN GONG New Materials – an agreement to focus on developing control systems technologies for LED lighting, energy management and intelligent control.
XINFOO Sensor Technology – an agreement to explore opportunities in chip manufacturing and related technologies.
Shell & AMG Recycling – an agreement to explore collaboration to develop plans for a state-of-the-art regional hub for the recycling of gasification ash and reclamation of spent catalyst, in addition to providing sustainable solutions.
Zhejiang SUPCON Technology - an agreement to explore potential joint investment opportunities in Saudi Arabia for the services and manufacturing value chain.
These collaborations pave the way for the launch of new businesses across multiple innovative growth sectors, including steel plate manufacturing, industrial 3D printing, digital equipment manufacturing, energy management and control; catalyst manufacturing and recycling, and advanced chip and smart sensor manufacturing.
Since IKTVA’s launch, Aramco’s local content index has increased from 35% at the end of 2015 to 56%.
Amin Nasser, Aramco’s CEO, said: “Today’s announcement is a step change in Aramco’s pioneering IKTVA program which was launched in 2015. Despite the uncertainties surrounding the global economy, we have sustained our focus on our long-term goals to enable growth and development for a thriving ecosystem and a more diversified
"These partnerships will have a strong focus on new technologies, by maximizing our investments in non-metallic materials and the circular carbon economy, as well as the development of talented Saudis in communities where we operate”, Nasser noted.