Saudi Aramco signs 50 new deals via strategic program to improve supply chain resilience-Xinhua

Saudi Aramco signs 50 new deals via strategic program to improve supply chain resilience

Source: Xinhua

Editor: huaxia

2022-01-24 22:27:46

Visitors walk past the booth of China Petroleum & Chemical Corporation (Sinopec) during the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran, Saudi Arabia, Jan. 24, 2022. The 6th edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition organized by the Saudi Arabian Oil Company (Aramco) kicks off on Monday and will last till Jan. 26. (Photo by Mohamed Nasr/Xinhua)

RIYADH, Jan. 24 (Xinhua) -- The Saudi Arabian Oil Company (Aramco) announced on Monday the signing of 50 new deals with local and international companies in a bid to improve the resilience of its supply chain.

The deals, signed at the 6th edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition organized by Aramco, cover partnership on climate leadership and digitalization with U.S.-based oilfield services company Schlumberger, and carbon fiber investment collaboration with Alfanar company engaged in manufacturing electrical construction products.

Progress in the Aramco's sustainable business development is also showcased at the forum, which runs from Jan. 24 to 26 in the eastern coastal city of Dhahran.

Aramco's strategic IKTVA program aims to drive domestic value creation, maximize long-term economic growth and diversification, and build a world-class supply chain that facilitates the development of a diverse, sustainable and globally competitive energy sector in Saudi Arabia, at a time when global supply chains have been disrupted by the COVID-19 pandemic.

The program, which has attracted more than 540 investments to Saudi Arabia from 35 countries, has helped establish a competitive industrial base, resulting in exports to more than 40 countries, according to Aramco.

A staff member introduces a smart lighting system to a visitor during the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran, Saudi Arabia, Jan. 24, 2022. The 6th edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition organized by the Saudi Arabian Oil Company (Aramco) kicks off on Monday and will last till Jan. 26. (Photo by Mohamed Nasr/Xinhua)

Visitors listen to a lecture during the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran, Saudi Arabia, Jan. 24, 2022. The 6th edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition organized by the Saudi Arabian Oil Company (Aramco) kicks off on Monday and will last till Jan. 26. (Photo by Mohamed Nasr/Xinhua)

Visitors look at a booklet during the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran, Saudi Arabia, Jan. 24, 2022. The 6th edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition organized by the Saudi Arabian Oil Company (Aramco) kicks off on Monday and will last till Jan. 26. (Photo by Mohamed Nasr/Xinhua)

A visitor interacts with a robot dog during the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran, Saudi Arabia, Jan. 24, 2022. The 6th edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition organized by the Saudi Arabian Oil Company (Aramco) kicks off on Monday and will last till Jan. 26. (Xinhua/Wang Haizhou)

Visitors look at a smart lighting system during the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran, Saudi Arabia, Jan. 24, 2022. The 6th edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition organized by the Saudi Arabian Oil Company (Aramco) kicks off on Monday and will last till Jan. 26. (Xinhua/Wang Haizhou)

A staff member introduces a smart lighting system to a visitor during the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran, Saudi Arabia, Jan. 24, 2022. The 6th edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition organized by the Saudi Arabian Oil Company (Aramco) kicks off on Monday and will last till Jan. 26. (Xinhua/Wang Haizhou)

A visitor listens to an introduction at a booth during the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran, Saudi Arabia, Jan. 24, 2022. The 6th edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition organized by the Saudi Arabian Oil Company (Aramco) kicks off on Monday and will last till Jan. 26. (Photo by Mohamed Nasr/Xinhua)