Riyadh – Mubasher: The Saudi Arabian Oil Company (Aramco) has signed 50 new Memoranda of Understanding (MoU) on the first day of the sixth edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition.

Aramco penned major agreements with Schlumberger, Cameron, Technip FMC, and Baker Hughes that focused on climate leadership, digitalisation, and equipment localisation, according to a statement by Aramco on Monday.

The oil giant company also inked MoUs with Larsen and Toubro, Sutherland Global Services, Tanajib Cogeneration Power Company, Honeywell, and Alfanar Company. The elements of the agreements covered localisation of pressure vessel fabrication as well as smart city services, desalination, in addition to localisation of process automation solutions and carbon fibre investment collaboration.

The three-day forum is held during 24-26 January at Dhahran EXPO, reflecting progress in Aramco's flagship business continuity initiative.

The Iktva forum by Aramco has by far increased Aramco’s spending with domestic suppliers to 59% in 2021, up from 35% in 2015.

Aramco’s President and CEO, Amin Nasser, said: “It wasn’t possible to predict the pandemic, but iktva helped prepare us for the uncertainties it caused.”

He added: “Our investment in a diversified network of suppliers has helped us maintain a track record of reliability, despite the ongoing impact of COVID-19 on global supply chains. The iktva program continues to prove its value by contributing to an increasingly vibrant, dynamic, and business-friendly environment in Saudi Arabia.”