Under the headline of its In-Kingdom Total Value Add (IKTVA) programme, Saudi Aramco has several initiatives that support the localisation of technologies and production, where the oil giant seeks to increase investment, economic diversity and job opportunities inside Saudi Arabia, said its chairman of the board of directors Yasir bin Othman Al-Rumayyan.
The localisation programme aims to localise 70 percent of total expenditure, create a business environment that provides thousands of jobs and empower exports of the Saudi energy sector products.
“Since the establishment of the program in 2015, benefits accumulated in enhancing partnerships between local companies and their international leading counterparts, where these partnerships seek to enhance cooperation, alignment and overcome any operational challenges,” he said giving a statement to the Saudi Press Agency (SPA) on the sidelines of the IKTVA Forum which was inaugurated by the governor of the Eastern Region.
He added that IKTVA programme serves the needs of Aramco and its partners through facilitating the development of a diversified, sustainable and globally competitive energy sector, and establishing a supportive system to the comprehensive value chains that help companies work efficiently in Saudi Arabia.
In that, he was referring to attracting more than 500 investments inside the kingdom so far with a capital value of around $7 billion, including more than 100 investments under operation that contribute to the GDP, benefit the economy and create thousands of new jobs.
As for IKTVA’s contributions, Al-Rumayyan said the program offers facilities in several aspects, such as providing training, creating economic opportunities for big and small enterprises and building a global supply chain to serve Aramco’s needs and those of their partners, and facilitating the development of a diversified and sustainable energy sector that can compete globally.
Localisation in the energy sector provides a huge opportunity to help reduce carbon footprint and construct a more sustainable energy sector, he said.
The chairman stressed that IKTVA program will support the acceleration of economic growth, enhance supply chains through several partnerships with importers and investors to solve global challenges and provide credited and innovative energy for the world.
The Aramco chairman concluded his statement by stressing that these achievements have added a true value to Saudi Arabia, especially through contributing to the GDP, creating job opportunities and innovation, and Aramco’s benefit from developing a competitive energy sector that enhances its supply chain.
Last September, the oil giant announced a major expansion of its industrial investment programme (Aramco Namaat) with the signing of 22 new deals surrounding sustainability, technology, industrial and energy services, and advanced materials. The programme complements IKTVA, which was launched in 2015 enhance supply chain efficiency through localisation, skills development, knowledge transfer and job creation.
Follow us on
