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Money News

Saudi Aramco to sign 30 deals worth about $25 billion as part of local content push - executive

The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. REUTERS/Ahmed Jadallah/File Photo

DHAHRAN, Saudi Arabia (Reuters) - Saudi Aramco will sign this week 30 agreements worth about $25 billion with local and foreign companies as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically, an Aramco executive said on Sunday.

The agreements will be signed on the sidelines of Aramco’s In-Kingdom Total Value Add Program (IKTVA), which will take place on Monday and Tuesday.

IKTVA is a plan outlined by the state oil giant a few years ago, aimed at doubling the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021.

Reporting by Rania El Gamal; Editing by Mark Potter

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