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The Iktva programme is designed to locally source Aramco's massive supply chain

Saudi Aramco has hailed the efforts of its partners towards achieving the goals of its In-Kingdom Total Value Add (Iktva) programme.

The programme is designed to locally source the company’s massive supply chain by incentivising investment by international and local equipment and service providers, and small and medium enterprises (SMEs).

More than 400 companies supplying 24 commodities are currently Iktva partners, working with the energy and chemicals giant to drive domestic value creation for mutual benefit.

The programme is aimed at building a more diversified economy, a stronger workforce, and greater innovation and research and development capabilities.

READ: Saipem's 9M 2018 loss widens despite major Saudi Aramco contract

Success stories include Baker Hughes, a GE company (BHGE), which has been operating in the kingdom for more than 80 years. Affirming its commitment to Saudi Vision 2030 and Iktva, BHGE developed a strategy to invest in significant projects such as King Salman Energy Park (Spark), Jubail Industrial City (JIC), and Damman Second Industrial City.

Schlumberger, one of the world’s top oil and gas technology providers, significantly contributes to promoting local content and has effectively aligned with Iktva to bring about a quantum leap in its operations, as the company’s strategy is centered on doubling its local procurement by 2021. This is expected to help it hit 70% job localisation by 2020, promoting local industries, and embarking on exportation.

READ: China's Sepco-2 awards contract for Saudi Aramco's Jazan project

Arabian Drilling Company (ADC), incorporated in 1964 and an Iktva award winner, highlights the programme’s role in fostering localisation in onshore and offshore oil and gas exploration. Since its inception, ADC has developed localisation, Saudisation, and training strategies focusing on quality employment and innovative training to develop and retain high-caliber Saudi workers.

Earlier this month, Saudi Aramco broke ground on a research and development centre at Lomonosov Moscow State University (MSU) in Russia that will explore upstream technologies and artificial intelligence (AI).

Article Context: 
News
CW Staff
Story Relations: 
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Published Date: 
Sunday, November 25, 2018 - 18:40
Parent Source id: 
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Modified Date: 
Tuesday, November 27, 2018 - 04:00
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