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Saudi Arabia working on energy sector overhaul – Minister

Saudi Arabia working on energy sector overhaul – Minister
Saudi Minister of Energy, Prince Abdulaziz bin Salman
SAUDI ARAMCO
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Riyadh – Mubasher: Saudi Arabia is working with all stakeholders in the energy sector seeking optimum development, according to the Saudi Minister of Energy, Prince Abdulaziz bin Salman.

The ministry is cooperating with other government entities and institutions, specialized in purchasing and procurement, the minister added in his remarks during the iktva Forum and Exhibition 2020, held on 24-25 February at the Dhahran Expo Center in Dammam.

The cooperation comes to ensure that the energy sector is a model to follow for the various components of the Saudi economy.

The in-Kingdom Total Value Add (iktva) program was launched by the Saudi Arabian Oil Company (Saudi Aramco) to baseline, measure and drive increased levels of localization in its supply chain.

Saudi Aramco has achieved 56% iktva, compared with 35% in 2015, 37% in 2016, 45% in 2017 and 52% in 2018.