Saudi Aramco CEO Amin Nasser addressing the IKTVA SMEs Forum & Exhibition 2017

Saudi Aramco has signed a memorandum of understanding (MoU) with SNC-Lavalin to create opportunities for local workforces in Saudi Arabia.

The MoU is part of Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) programme, which is aimed at driving the localisation of oilfield services and equipment value chain, as well as the diversification of the Saudi economy.

The programme is also focused on transferring technologies, skill and knowledge through training and development; and job creation in the country.

“We see strong demand for similar initiatives supporting economies and social development in our active bidding.”

SNC-Lavalin oil and gas president Christian Brown said: “Our work for Saudi Aramco is of great importance to us; we have close to 10,000 team members working in the country and putting in place such a framework around IKTVA means we can continue to grow and execute additional scopes on behalf of Saudi Aramco.

“Our presence, scale and experience in the region mean we are well placed to implement this, and we see strong demand for similar initiatives supporting economies and social development in our active bidding.”

Through this year’s localisation efforts, Aramco expects to create 140 investment opportunities valued at more than $16bn in several industrial and business sectors across the Saudi Arabian energy sector.

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By 2021, IKTVA aims to establish locally sourced supply chain in the Kingdom, with 70% of locally supplied content.

The Kingdom’s Vision 2030 outlines the agenda to diversify the country’s economy and reduce reliance on oil.

Aramco expects to invest more than SAR1tn ($266.53bn) over the next ten years.