RIYADH: Saudi Aramco has signed 55 agreements across sustainability, digital, industrial, manufacturing and social innovation sectors, as part of a major expansion of its Namaat industrial investment programs.
Growing from 32 to 55 investments since last year, Namaat supports industrial investment partnerships to create jobs for Saudis and to contribute to national growth and capacity building, according to a statement.
“Namaat enables Aramco to be a catalyst for change across the Kingdom’s economy, while maintaining our reliability as a global energy supplier at a time of market uncertainty,” Ahmad Al-Sa’adi, Aramco senior vice president of technical services, said.
Bolstering Aramco’s long-term growth strategy and the Kingdom’s expanding energy and chemicals value chains, the agreements include:
Honeywell, to establish a joint venture to develop and implement digital technology solutions across industrial facilities.
Armorock and AlKifah Precast, to establish a joint venture to localize the use of polymers in concrete production.
Shell & AMG Recycling and United Company for Industry, the signing of the Vanadium concentrate sales agreement, enabling the construction of an in-Kingdom metal reclamation and catalyst manufacturing facility.
In addition to the Saudi-owned conglomerate Al Rushaid Group’s agreement between ARPIC, Samsung, and Aramco to create a National Engineering, Procurement and Construction joint venture in Saudi Arabia.
The new EPC joint venture aims to increase Saudization levels and deploy leading construction technologies in alignment with the Saudi Aramco Namaat program.