Saudi Aramco and Siemens have inked several agreements to collaborate in the fields of renewable energy, research and development, as well as digitalization in the oil and gas industry during the recent iKTVA Forum in Dammam, Saudi Arabia, Trade Arabia reported.

The agreements reaffirm Aramco’s commitment to its In-Kingdom Total Value Add (iKTVA) localization program in which partners collaborate to drive domestic value creation and support Saudi’s economic transformation. The company’s President and CEO, Amin Nasser, said: “The participation of partners like Siemens in IKTVA is crucial to enabling a sustainable and competitive world-class Saudi energy sector,” informed Zawya.

On the sidelines of the forum, Aramco also signed agreements and memorandums of agreement (MoU) with several strategic partner companies, including Saudi Aramco-Rowan Joint Venture (JV) to own, manage, and operate offshore drilling rigs in Saudi Arabia, as well as Saudi Aramco-Nabors JV to own, manage, and operate onshore drilling rigs in the kingdom.

The “In Kingdom Total Value Add” (IKTVA) program, which marked its first anniversary at the IKTVA Forum this month, is instrumental in leveraging opportunities to drive additional domestic value creation and support a rapidly changing Saudi economy. Additionally, Siemens investments in its local footprint expansion across the value chain translates into creating quality jobs for Saudi nationals, enhancing innovation, economic diversification and increased global competitiveness for the Kingdom.