Arab News, Wednesday, Jul 06, 2022 | Zul Hijjah 7, 1443
Saudi Aramco signs 55 deals in a major expansion of its industrial investment program
Saudi Arabia:
Saudi Aramco has signed 55 agreements across sustainability, digital,
industrial, manufacturing and social innovation sectors, as part of a major
expansion of its Namaat industrial investment programs.
Growing from 32 to 55 investments since last year,
Namaat supports industrial investment partnerships to create jobs for Saudis and
to contribute to national growth and capacity building, according to a
statement.
“Namaat enables Aramco to be a catalyst for change
across the Kingdom’s economy, while maintaining our reliability as a global
energy supplier at a time of market uncertainty,” Ahmad Al-Sa’adi, Aramco senior
vice president of technical services, said.
Bolstering Aramco’s long-term growth strategy and
the Kingdom’s expanding energy and chemicals value chains, the agreements
include:
Honeywell, to establish a joint venture to develop
and implement digital technology solutions across industrial facilities.
Armorock and AlKifah Precast, to establish a joint
venture to localize the use of polymers in concrete production.
Shell & AMG Recycling and United Company for
Industry, the signing of the Vanadium concentrate sales agreement, enabling the
construction of an in-Kingdom metal reclamation and catalyst manufacturing
facility.
In addition to the Saudi-owned conglomerate Al
Rushaid Group’s agreement between ARPIC, Samsung, and Aramco to create a
National Engineering, Procurement and Construction joint venture
in Saudi Arabia.
The new EPC joint venture aims to increase
Saudization levels and deploy leading construction technologies in alignment
with the Saudi Aramco Namaat program.