Aramco has signed 50 new memoranda of understanding (MoUs) at the In-Kingdom Total Value Add (iktva) Forum and Exhibition, the company said in a statement.

According to the statement, the iktva program is an initiative that aims to drive domestic value creation, maximize long-term economic growth, and build a resilient supply chain that facilitates the development of a diverse, sustainable, and globally competitive energy sector in Saudi Arabia. Furthermore, iktva has attracted more than 540 investments to the Kingdom from 35 countries.

Aramco President and CEO Amin H. Nasser said, “It wasn’t possible to predict the pandemic, but iktva helped prepare us for the uncertainties it caused. Our investment in a diversified network of suppliers has helped us maintain a track record of reliability, despite the ongoing impact of COVID-19 on global supply chains. The iktva program continues to prove its value by contributing to an increasingly vibrant, dynamic and business-friendly environment in Saudi Arabia.”

Aramco signed several service localization agreements, including a partnership on climate leadership and digitalization with Schlumberger; wellhead equipment localization procurement agreements with Cameron, TechnipFMC, and Baker Hughes, as well as a pressure vessel fabrication localization agreement with Larsen & Toubro. This is in addition to a Smart City services localization agreement with Sutherland Global Services, and a cogeneration and desalination agreement with Tanajib, among others.