Aramco, one of the world's leading integrated energy and chemicals companies, signed on Tuesday 40 corporate procurement agreements worth $6 billion with suppliers in Saudi Arabia.
The agreements aim to strengthen Aramco's domestic supply chain ecosystem to meet customers' demands and provide suppliers with long-term visibility of expected future demand.
They will contribute to achieving the objectives of Aramco's In-Kingdom Total Value Add (iktva) program, the company's pioneer initiative that aims to drive the growth of a vibrant economy and create new opportunities for Saudi people.
Aramco Executive Vice President of Technical Services Wail Al-Jaafari said: “The 40 new agreements signed today are expected to contribute to the domestic value chain and further enhance the ecosystem that Aramco is assisting to build.”
“These agreements move us towards a more prosperous, diverse, and resilient supply chain, which will help ensure business continuity. They also represent a key milestone on our iktva journey and provide our partners with an opportunity to benefit from a robust and diversified business environment,” he stated.
Additionally, Aramco signed two MoUs with strategic partners to collaborate on localization and supply chain development.
