Saudi Aramco, the largest oil production company in the world, is heading to control a share in the country’s industrial investment sector, as part of the Kingdom’s plans to localize some industries and diversify the economy away from oil.
Aramco Chairman of the Board, Yasser Al-Rumayyan, said, “The company is looking to acquire a large share in the industrial investment sector, as part of an investment program in the sector that contributes to driving economic growth and further diversification, while ensuring greater reliability of energy supplies and effectively localizing the industrial supply chain, in addition, to create better job opportunities and skills.
Al-Roumiyan’s statements came during a press conference held Tuesday, in Dhahran, on the sidelines of the oil company’s signing of memoranda of understanding for joint projects with international companies within an industrial investment program.
Aramco launched the industrial program by signing 22 memoranda of understanding, including a joint venture with the South Korean companies Siah, and Dussur Company, owned equally by Aramco with the Public Investment Fund, to localize the manufacture of cast and stainless steel pipes.
Aramco has named its program specialized in investment in the industrial sector the name Namaat, aiming to explore the industrial investment opportunities available in the Kingdom to create new value and advance economic diversification.
Saudi Aramco President and Chief Executive Officer, Amin Al-Nasser, confirmed that the company will provide local and external stakeholders with opportunities to participate in achieving growth and sustainability, to increase value in the energy and petrochemical supply chain.
Aramco seeks to generate returns from its assets in the energy sector by maximizing the benefit of them through partnership and sale operations, the latest of which was its announcement of selling a stake in its oil pipelines at a value of approximately $12 billion while seeking to obtain greater value by selling a stake in pipelines.