Saudi Aramco has managed to sign 66 memoranda of understanding (MoUs) with several international companies valued at more than $21 billion during Aramco’s in-Kingdom Total Value Add (iKTVA) Program, according to a press release.
Saudi Aramco has ventured into several agreements with industrial and business companies and entities including Hyundai Heavy Industry; Seimens; Aasia Steel; Oilfields Supply Center (OSC); Al-Khorayef Petroleum; Mitsubishi Hitachi Power Systems; Schneider Electric; Saudi Exports Development Authority; Honeywell; Advanced Electronic Company (IT); XDM 3D Printing; Shengong New Materials; and XINFOO.
Besides the signed MoUs, Aramco inked a joint venture (JV) agreement with Baker Hughes to establish a 50/50 Non-Metallic Joint Venture (NM JV), which will be located in King Salman Energy Park (SPARK).
The iKTVA program is a major investment attraction platform as it brought forth 368 investments from 25 countries, reaching an estimated capital expenditure of around $6.5 billion. These investments resulted in completing 44 industrial facilities, with another 64 facilities under construction