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Saudi oil and gas giant Aramco is aiming for 70 percent local content across its procurement by 2025 as part of its ‘In Kingdom Total Value Add (iktva)’ programme, company president and CEO Amin H Nasser said in a statement.
“As of today, we have achieved 63 percent local content across our procurement,” he said, adding that despite a challenging global environment, Aramco believes 2023 will be a “transformational year for its supply chain.”
Nasser stated that Aramco’s recently announced Namaat program complementing iktva will take ‘Made in Saudi Arabia’ to a higher strategic level this year.
The expanded scope includes six key sectors: sustainability; digitalisation; industrial investments; manufacturing; infrastructure, and citizenship.
In addition, Aramco will aim to make the localisation of its supply chain and associated in-kingdom investments more sustainable.
“We will be placing far greater focus on the use of more sustainable materials, such as those based on polymers, to complement high emission and hard-to-abate industries like steel, aluminum, and concrete.”
Nasser said global net-zero emission goals will not be met without a successful materials transition.
Moreover, the Kingdom is among the fastest growing economies in the world, the fastest in the G20, and set to become a $1 trillion economy for the first time.
“However, profitable and sustainable growth is not possible without the skills and talent of our people,” the CEO stated.
(Writing by D Madhura; Editing by Anoop Menon)
