Saudi Aramco has signed a slew of procurement agreements worth a combined $11 billion with local and global companies as it seeks to secure its supply chains and boost local manufacturing.
The 59 corporate procurement agreements (CPAs) cover a range of products including commodities, pipes, fittings and flanges, and air-cooled heat exchangers, the oil company said in a statement on Tuesday.
Among the companies signing the agreements were Baker Hughes, Cameron Al Rushaid, Halliburton, SLB, and TechnipFMC.
The CPAs are expected to support Aramco's in-Kingdom Total Value Add program (iktva), and is expected to create 5,000 jobs over the next decade. Aramco has until now entered into over 100 CPA, which has not only helped drive localisation, but also some export to global destinations.
(Writing by Brinda Darasha; editing by Seban Scaria)