Saipem signs MoU with Aramco for potential new entity in Saudi Arabia

21/09/2021 Argaam

Signing ceremony

Italian oilfield services firm, Saipem, signed a memorandum of understanding (MoU) with Saudi Aramco to explore the possibility of establishing a new entity for the execution of engineering and construction activities in the industrial sector in the Kingdom.

 

The initiative was taken under Saudi Aramco’s Namaat Industrial Investment Program, focused on building capacity in four key sectors, namely, sustainability, technology, industrial and advanced materials.

 

The agreement entails the potential creation, in partnership with local entities, of an “EPC National Champion”, capable of executing full range of engineering, procurement and construction (EPC) project activities, while maximizing employment of local resources.

 

According to data compiled by Argaam, Aramco recently announced major expansions in its Namaat Industrial Investment Program, by signing 22 new MoUs, in addition to a joint venture (JV) agreement worth nearly SAR 90 billion.

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