Aramco to build two chemical complexes, six power plants

Saudi Arabian Oil Co. (Saudi Aramco) is planning to build two chemical complexes, six power plants, and distribution stations in the kingdom, the company’s vice president of materials supply, Abdulaziz Al Abdulkarim said on Wednesday.

The state-owned oil giant is aiming to attract foreign investment through the planned projects and localize jobs in the process. The initiative is part of the In-Kingdom Total Value Add (IKTVA) program that the company launched in December.

Speaking during the Saudi-US Business Opportunities Forum in Riyadh, Al Abdulkarim said new investment opportunities at its Jazan refinery would be open to local and international companies, particularly US-based firms.

"IKTVA is a win-win proposition for companies able to build a deep and lasting relationship with the Kingdom by setting-up shop here and investing in training and workforce development, to help capture their share of Saudi Aramco’s future spend on materials and services,” he added.