Saipem has signed a memorandum of understanding with Saudi Aramco to evaluate the possibility of setting up a new entity (a new company) in Saudi Arabia to carry out engineering and construction activities in the industrial sector. The initiative – reads a Saipem press release – is part of Saudi Aramco’s Nama’at industrial investment program.
The agreement provides for the potential creation in partnership with local companies of a “National Epc Champion” capable of carrying out the full range of engineering, procurement and construction (Epc) activities in the Kingdom, maximizing the use of local resources. Saipem has a long-standing partnership with Saudi Aramco, which includes the execution of a wide range of activities, from onshore and offshore engineering and construction to drilling operations, with onshore and offshore drilling rigs.
The agreement is part of the Namaat Industrial Investments Program adopted by Saudi Aramco. In the first week of September, Aramco announced major expansions in its industrial investment program (Namaat Aramco), with the signing of 22 new memoranda of understanding, as well as a joint venture agreement, focusing on capacity building in four main sectors. : sustainability, technology, industrial services and advanced materials. Namaat aims to exploit the vast opportunities available in the Kingdom to create new value and drive economic growth and diversification.
The Namaat program, which is based on the Arabic word “Nama” (growth), is part of its local industrialization plans to stimulate growth and promote the economic diversification that the Kingdom seeks to achieve within Vision 2030.
I memorandum, which the company has concluded with a number of international companies, relate to industry, technology, energy services, logistics and advanced materials, according to a statement posted by the energy giant on its website, also include opportunity assessment. for the research and storage of carbon, as well as the study of the establishment of a waste management company.
The joint venture is also engaged in the production of seamless tubes and stainless steel tubes. Namaat completes the Ketfa program launched by the company in 2015 to locate goods and services and offer job opportunities to citizens.
Aramco CEO, Amin Al-Nasser, told Arab media that “the Namaat program offers our global and national investor partners great opportunities to participate in Saudi Aramco’s strategy to achieve future growth and sustainability and play a vital role in increasing added value in the energy supply chain. and chemistry. Our partners can benefit from a wide range of financial and infrastructure incentives through the government’s partner program and these initiatives will help support the program (Namaat) and encourage more investments that will improve technical and environmental aspects. ”
In March of this year, the Saudi Crown Prince, Mohammed bin Salman, launched the Shareek program to strengthen the partnership between the public and private sectors in the Kingdom, which will result in new investments totaling 12 trillion Saudi riyals (about 3 trillion US dollars) until 2030.
