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Saturday , August 15 2020

Aramco to sign 30 deals worth about $25 bln

DHAHRAN, Saudi Arabia, Nov 25, (RTRS): Saudi Aramco will sign this week 30 agreements worth about $25 billion with local and foreign companies as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically, an Aramco executive said on Sunday. The agreements will be signed on the sidelines of Aramco’s In- Kingdom Total Value Add Program (IKTVA), which will take place on Monday and Tuesday.

IKTVA is a plan outlined by the state oil giant a few years ago, aimed at doubling the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021. Last week, Saudi Aramco said that all funding options, including the issuance of bonds, are being considered for its potential acquisition of a stake in petrochemicals firm SABIC, and that it would make related disclosures when it is appropriate to do so.

“The company is actively pursuing a strategy of enhancing its portfolio by investing further into downstream and the petrochemical sector in particular. This includes discussions underway with the Public Investment Fund regarding the potential acquisition of a strategic interest in SABIC,” Aramco said in a statement to Reuters. “All funding options, including the issuance of bonds, are being examined. The company will make any related disclosures as and when it is appropriate to do so.”

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