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.
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 Saudi economy."
"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.
