May 5, 2018 / 5:48 PM / a year ago

Saudi Aramco awards 16 local firm deals worth $7 billion

FILE PHOTO: Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo

RIYADH (Reuters) - Saudi Aramco said on Saturday it awarded 16 local companies deals worth more than 26 billion riyals ($6.93 billion) as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically.

The 10-year purchase agreements, signed on May 1, will focus on the supply of pressure vessels by local manufacturers, Aramco said. The companies include Al-Zamil Process Equipment, Al-Zamil Heavy Industries, Olayan Descon Engineering, Saudi Arabian Fabricated Metals, Gulf Steel Works and Bemco Steel Industries.

($1 = 3.7502 riyals)

Reporting by Rania El Gamal and Sarah Dadouch; editing by John Stonestreet

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