Riyadh – Mubasher: The Saudi Arabian Oil Co, known globally as Saudi Aramco, will sign this week 30 agreements worth around $25 billion with a raft of local and foreign firms, an Aramco executive said.
The deals are part of the oil-rich Kingdom’s efforts to expand its industrial base and boost the manufacturing of local products domestically, the official told Reuters on Sunday.
The agreements will be signed on the sidelines of Aramco’s In-Kingdom Total Value Add Programme (IKTVA), which is set to start on Monday and ends on Tuesday.
“IKTVA is a plan outlined by the state oil giant a few years ago, aimed at doubling the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021,” Reuters reported.
