Saudi oil giant Aramco has signed engineering, procurement and construction (EPC) agreements with six joint venture firms led by global industry heavyweights such as India's Larsen and Toubro (L&T), Korean groups Samsung and Hyundai as well as Italian contractor Saipem as part of its long-term growth strategy.
The new agreements were signed as part of a major expansion of its Namaat industrial investment programme with 55 agreements and MoUs sealed across the sustainability, digital, industrial, manufacturing and social innovation sectors.
The six JVs involved in the deal include Kent & Nesma; L&T and Gulf Consolidated Contractors; Samsung Engineering and Al Rushaid Group; Hyundai and Al Rashid Trading and Contracting Company (RTCC); Saipem and Nasser S Al-Hajri Corporation (NSH) and Sinopec Shanghai Engineering Company (SSEC) and Abdel Hadi Abdullah Al Qahtani & Sons (AHQ).
Aramco said deals were also signed with a joint venture led by Honeywell to develop and implement digital technology solutions across industrial facilities; as well as Armorock and AlKifah Precast JV to localise the use of polymers in concrete production.
Shell & AMG Recycling and United Company for Industry (UCI) have also signed the vanadium concentrate sales agreement, enabling the construction of an in-Kingdom metal reclamation and catalyst manufacturing facility.
In addition, a consortium comprising Accenture, Al Gihaz Holding and Impulse Partners will establish the Spark Digital Center.