Saudi Aramco signs 13 MoUs in push for local content

12/12/2017 18:37 AST

Saudi Aramco signed on Tuesday 13 memoranda of understanding (MOUs) worth around 6.3 billion riyals ($1.68 billion) with local and foreign companies as part a drive to expand the kingdom's industrial base and manufacture a bigger share of products domestically.

The agreements were signed on the sidelines of Aramco's In-Kingdom Total Value Add Program (IKTVA), a plan outlined by the state oil giant two years ago, aimed at doubling the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021.

The IKTVA program is part of the company's aim to become more cost effective and commercially efficient.

The MoUs signed on Tuesday were with companies such as China's Sinopec, Dalma Gulf Drilling Co. and National Petroleum Technology.

Other agreements signed were part of the kingdom's plan to support the growth of small and medium enterprises (SMEs).

Aramco executives said earlier on Tuesday the company plans to raise its spending to $414 billion over the next 10 years, including on infrastructure and drilling, as the firm moves into new businesses.


Reuters

News

Market rules ready for Aramco listing 'by end of June'

30/03/2018

Saudi Arabia expects to unveil by the end of June rules to prevent large share price drops in newly-listed companies, the final regulatory step for the listing of oil giant Saudi Aramco, the head of

Arab News

Aramco, Petronas form 2 Rapid project JVs

30/03/2018

Petroliam Nasional Berhad (Petronas), the national oil company of Malaysia, and Saudi Aramco, the national oil company of Saudi Arabia, have announced the formation of two joint ventures for the Refi

Trade Arabia

Saudi Aramco finalizes refinery deal with Malaysia's Petronas

29/03/2018

Saudi Aramco finalized a deal on Wednesday with Malaysian state energy company Petroliam Nasional Berhad (Petronas) to invest in a refinery project off Malaysia.

The Saudi oil giant agreed

Arab News

Most Viewed Companies

Ticker Price Volume
NAYIFAT 13.94 229,739
LUMI 77.50 102,302
ALRAJHI 85.00 7,711,297
A.OTHAIMMARKET 11.90 545,416
ZAINKSA 10.82 1,868,409
IHGS 4.20 344,581
RIBL 24.84 6,676,931

Valuation

SAUDIARAMCO Sector Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
ABAR 138.00 2.00 (1.47%)
ADNOCGAS 3.14 0.00 (0.00%)
ADNOCDRILL 4.68 0.04 (0.86%)
ADES 20.08 0.10 (0.50%)
BAHRI 28.25 0.05 (0.17%)

Recent News

EEC's capital optimization plan to shore up financial position and sustain growth: CEO

14/09/2024

RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <

Saudi Gazette

Arabian Mills set final IPO price at $17.59 per share as CEO details growth vision

12/09/2024

Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces

Arab News

SABIC-MCC joint venture starts output

04/05/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

logo

Financial Information Co.

(MITCO), P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap