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Saudi Aramco signed $ 27.5 billion worth of agreements with international suppliers and service providers during its recent In Kingdom Total Value Add event (IKTVA) in Dammam.
The general manager of the company, Amin Nbader, said that a total of 31 collaborations had been signed with several companies, for a total value of $ 27.5 billion. However, he did not specify the scope of the work badociated with these collaborations.
"The companies that have invested here are ideally placed to benefit from last month's signature of 125 billion riyal ($ 33.3 billion) in business under Riyadh's Future Investment Initiative." Nbader added.
The four new entrants to Saudi Aramco's long-term agreements, included in these agreements, were included in these agreements. previously revealed on Monday These included Sapura Energy, a consortium of Lamprell Energy based in the UK and Boskalis in the Netherlands, and a group of British companies TechnipFMC and Malaysia Marine & Heavy Engineering (MMHE).
In addition, Aramco has entered into further collaborations with Abu Dhabi-based Petroleum Construction Company, Schlumberger, Baker Hughes, ABB, Siemens, Shelf Drilling, Noble Drilling, Ensco and several other major service providers.
Aramco's IKTVA program is based on its Vision 2030, a long-term strategic plan to reduce the kingdom's reliance on oil and diversify the country's economy.
The program requires suppliers and service providers operating in the kingdom to reach 70% local content by 2021.
Local content standards aim to force service providers to export 30% of local production of energy goods and services by 2021, Aramco said in a statement.
The share of local content in Saudi Arabia is also expected to increase over the next decade.
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