Aramco company announced that it has signed six memorandum of standings (MoUs) with companies of Shell, AMG Recycling BV, Suzhou XDM, Xinfoo, SUPCON and Posco to boost its flagship localization program, according to a press release.
It added that these collaborations will pave the way for launching new businesses across multiple growth sectors including steel plate, manufacturing, industrial 3D printing, digital equipment manufacturing, energy management and control, catalyst manufacturing and recycling, and manufacturing advanced chip and smart sensor.
Aramco is aiming at increasing the local production and boost the domestic supply chain by conducting new international partnerships and establishing new companies through an Industrial Investment Program (IIP) which is linked to the development of the company’s business.
On this occasion, Amin H. Nasser, Aramco’s CEO, said: “Today’s announcement is a step change in Aramco’s pioneering IKTVA program which was launched in 2015. Despite the uncertainties surrounding the global economy, we have sustained our focus on our long-term goals to enable growth and development for a thriving ecosystem and a more diversified Saudi economy.”
“These new partnerships will contribute to advancing innovation, sustainability and enhance the scale of reliability in our business ecosystem and, in addition, benefit companies operating in the Kingdom’s vast energy and chemicals sector. These partnerships will also have a strong focus on new technologies, by maximizing our investments in non-metallic materials and the circular carbon economy, as well as the development of talented Saudis in communities where we operate”, Nasser added.