Saudi Aramco has signed agreements worth SAR26bn ($6.92bn) to purchase pressure vessels from 16 companies in Saudi Arabia.
The purchases were made as part of an expansion of the company’s In-Kingdom Total Value Add (IKTVA) programme, which intends to enhance local job opportunities and achieve 70% localisation by 2021.
The contracts also aim to support the small and medium-sized enterprises (SME) sector to increase localisation at all levels and disciplines, including engineers, welders and other professional skilled workers.
Saudi Aramco’s procurement and supply chain management vice-president Abdulaziz Al Abdulkarim said: “These agreements, set for ten years, will expand the local industry’s capability and provide a high-quality supply of materials and services to Saudi Aramco.
“SMEs are the engine of innovation for economic growth and development. They have the agility, the know-how, the market expertise and the products the oil and gas industry requires.
“That is why Saudi Aramco recognises the huge potential of SMEs and we believe the companies chosen under this agreement will step up to the challenge and meet the required expectations.”
Pressure vessels are critical equipment for certain oil and gas processing facilities.
