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Saudi Aramco, the world’s largest integrated oil and gas company, has signed corporate procurement agreements worth $6 billion with suppliers in the kingdom.
As part of the company's strategic localisation program, the agreements aim to strengthen Saudi Aramco's local supply chain ecosystem, the company said in a statement on Tuesday.
Wail Al Jaafari, Aramco Executive Vice President of Technical Services, said: “The 40 new agreements signed today are expected to contribute to the domestic value chain, and further enhance the ecosystem that Aramco is helping to build."
The agreements also contribute to achieving the objectives of Aramco’s "iktva" program, the company’s initiative that aims to create new opportunities for Saudi nationals.
(Writing by Brinda Darasha; editing by Daniel Luiz)
