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Riyadh – SPA
Saudi Aramco has signed 15 Memoranda of Understanding (MoUs) in various strategic and cooperative areas worth approximately $ 34 billion.
These agreements concern 15 companies and 8 companies from 8 countries on 3 continents, reflecting the ambition and growth of the company to further strengthen its position as world leader in the fields of energy and chemicals.
The agreement protocols signed by the Kingdom and Saudi Aramco's international partnership strategy reflect their commitment to economic diversification, improving the local investment climate and promoting opportunities. career, and support the company's future strategy in all areas of its business, including refining, In partnership with major international companies from eight countries: France, China, United States of America, Japan, United Arab Emirates, United Kingdom, South Korea, India.
A number of Memorandums of Understanding help to strengthen the Kingdom's Total Value Creation (TAFF) program, one of the key initiatives through which the company seeks to improve the local supply chain and through closer commercial partnerships with the domestic private sector, Its goal is to increase the volume of locally supplied goods and services to 70% by 2021.
For its part, Saudi Aramco seeks to increase opportunities to locate the industry and create more jobs, increasing employment opportunities for Saudi nationals over the next 10 to 15 years. The Navy generated about 30,000 direct jobs and 50,000 indirect jobs.
The Memoranda of Understanding and Cooperation signed by Saudi Aramco are as follows:
1. Memorandum of understanding and joint development with the French company Total to launch the technical studies from the second phase of the Satorp refinery.
2. Memorandum of Understanding on the possibility of establishing a network of retail service stations with the French company Total.
3. A joint venture agreement with Hyundai Heavy Industries for Hyundai's investment in the King Salman International Complex for Sea Industries and Services in Ras Al-Khair.
4. Memorandum of Understanding with Baker Hughes, GE
5. Memorandum of Understanding with Schlumberger.
6. Memorandum of Understanding with Halliburton of America.
7. Memorandum of agreement with the oilfield supply center.
8. Memorandum of Understanding with Flex Steel for investment in reinforced thermoplastic tubing plant.
9. Memorandum of Understanding with the National Oil and Gas Construction Company of the United Arab Emirates to invest in the engineering, construction and installation of submerged areas.
10. An agreement protocol for the regulation of iron engineering with CHH Changon company specializes in iron.
11. Memorandum of Understanding with the Qum Pro investment company in the establishment of drilling chemicals.
12. Memorandum of Understanding with Saudi Aqua Power Company and Airprodect Company regarding the Jazan gasification and electricity project.
13. Memorandum of understanding with Sumitomo Japan regarding the possibility of an investment to develop Petro Rabigh Refinery.
14. Memorandum of Understanding with the Chinese company Norinco regarding the possibility of joint investments.
15. Memorandum of Understanding for a joint investment with NOOV in the United Arab Emirates for the manufacture and repair of rigs and drilling equipment in the Kingdom.
The Future Investment Initiative is an ideal platform to attract international investment and take advantage of new opportunities that are part of Saudi Arabia's vision for the 2030 horizon.
Saudi Aramco plays a pivotal role in the creation of new industrial and commercial partnerships in the Kingdom because of its position as a global energy powerhouse, as evidenced by its global investments and partnerships, not only in the areas of crude oil, gas, oil and gas. refining, processing and marketing, but also in the pursuit of advanced technologies and related activities. Added value related to power.
The Kingdom's infrastructure demonstrates the unique and integrated progress of industrial activities, attracting investors and strengthening the competitive advantage of the Saudi economy.
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