Aramco announced that it has signed 22 new Memoranda of Understanding (MoUs) and one joint venture (JV) agreement with the aim of expanding its industrial program “Aramco Namaat”, a press release issued by the company reported.
The statement added that the MoUs covered developing advanced non-metallic Materials, establishing a local industrial logistics and procurement hub, evaluating Carbon Capture & Sequestration (CCS) opportunities, Engineering, Procurement and Construction (EPC) and developing digital solutions.
Additionally, the JV agreement was signed between SeAH and Dussur to localize stainless steel seamless tube and pipe manufacturing.
On this occasion, Aramco Chairman, Yasir Al-Rumayyan, said: “Aramco continues to be at the forefront of enabling and enhancing the Kingdom’s industrial, technology and sustainability infrastructure through large-scale investments and key partnerships, such as IKTVA and, by extension, Namaat. Such initiatives help further drive economic growth and diversification, ensure greater reliability of energy supply, effectively localize the industrial supply chain, and create better jobs and skillsets.”
For his part, Aramco President & CEO, Amin H. Nasser, said “Namaat offers our partners significant opportunities to participate in Aramco’s long-term growth strategy and play a vital role in the Kingdom’s expanding energy and chemicals supply chain.”
It worth noting that Namaat program aims to unlock the opportunities of investments in Saudi Arabia to create new value, and drive economic expansion and diversification. It focuses on investments in four key areas that align closely with Aramco’s objectives including sustainability, Technology, Industrial, Advanced materials.