Saudi Aramco has signed 6 memoranda of understanding with international companies within the framework of establishing companies through the industrial investment program linked to the development of the company’s business.
The Saudi oil giant signed the memoranda with Royal Shell and Dutch (AMG), and Chinese companies that included: Sogo Corporation (XDM), Xin Gong, Zenfu Corporation, Zhejiang Subcon Technology Co., Ltd., in addition to the POSCO company whose headquarters are located In South Korea.
The company said in a statement, the signing of the memorandums represents a major addition to the program to enhance the total added value of the supply sector in the Kingdom (IKTVA) since its launch five years ago on December 1, 2015.
“This collaboration paves the way for launching new businesses across several innovative growth sectors, including: sheet steel fabrication, 3D printing, digital equipment manufacturing, energy management and control systems, chemical media manufacturing and recycling, as well as the manufacture of advanced electronic chips,” she added. And smart sensors.
This cooperation reflects Saudi Aramco’s commitment to enhancing its reliability and operational efficiency, and at the same time, supporting the industrial structure in the Kingdom, which in turn will strengthen the commercial ecosystem, support the local supply chain, and provide new job and training opportunities in large numbers for the Saudi workforce.
Saudi Aramco President and CEO, Eng. Amin bin Hassan Al-Nasser, said: “Saudi Aramco has achieved great success, since it launched the iktva program 5 years ago to increase local content, as the company’s local content index increased from 35% to 56%.
He added, despite the fluctuations surrounding the global economy at the present time, our focus is on our long-term goals that take into account the interest of the company and at the same time create a tangible positive impact on the business environment, economic development and GDP in the Kingdom.
And he continued, in light of the company’s plans consistent with Vision 2030, which seek to attract investment, achieve economic prosperity and increase growth, we see opportunities for new business and partnerships with partners with pioneering experience in the environmental and industrial fields and in digital transformation technologies and technologies of the Fourth Industrial Revolution.
Al-Nasser said, these new partnerships will contribute to advancing innovation, sustainability and reliability in Saudi Aramco’s business, and will also add value to companies operating in the Kingdom’s energy sector, which is a large sector that seeks continuous development and excellence at the global level.
A few days ago, Aramco announced the completion of an international bond issue, in an $ 8 billion offering.
Aramco explained that the total number of bonds reached 40,000, which are in US dollars, and will be prioritized and not secured by assets.
The offer of dollar bonds to the Saudi oil giant includes five tranches spread over maturities of 3, 5 and 10 years, in addition to maturities of 30 and 50 years.
Signed Memoranda of Understanding, including
POSCO Company: Memorandum of Understanding for cooperation in evaluating the feasibility of establishing an integrated factory for the manufacture of steel plates in the Kingdom.
Sogo (XDM) Company Limited for 3D Printing: Memorandum of Understanding for cooperation in the field of technologies and development of industrial 3D printing in the Kingdom.
Shen Gong New Material (Guang Zhou) Co., Ltd.: Memorandum of Understanding to focus on developing LED lighting control system technologies, energy management and intelligent control.
Zenfoo Sensor Technologies Co., Ltd.: Memorandum of Understanding to explore opportunities for smart electronic chip manufacturing and related technologies.
Shell and (AMG) Recycling Limited: Memorandum of Understanding to explore cooperation opportunities in developing plans for a regional advanced center for gasification ash recycling and spent chemical reclamation, as well as providing sustainable solutions.
Zhejiang Subcon Technology Co., Ltd.: Memorandum of Understanding to explore potential co-investment opportunities in the Kingdom on value chain services and manufacturing.
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