Aramco signs 50 agreements during sixth iktva forum

Progress in our flagship business continuity initiative is being showcased at the three-day gathering, which runs through Jan. 26 at the Dhahran EXPO.

The iktva program looks to drive domestic value creation, maximize long-term economic growth and diversification, and build a world-class supply chain that facilitates the development of a diverse, sustainable, and a globally competitive energy sector in the Kingdom at a time when global supply chains have been disrupted by COVID-19.

As a result of iktva, 59% of Aramco’s spending in 2021 was directed to domestic suppliers, up from 35% in 2015 when the program was launched.

Paving the Way to Economic Success

Held under the theme ‘Paving the Way to Economic Success,' the iktva forum highlights how partnerships with some of the world’s top energy, logistics, and manufacturing companies continue to enhance the domestic commercial ecosystem and enable the reliable supply of energy to the world.

The forum also recognizes the outstanding achievements of Aramco’s program partners across 10 categories, which include overall iktva performance, training, Saudization, female representation and exports.

It wasn’t possible to foresee the consequences of COVID-19, but iktva helped us to prepare for the disruptions it caused to the global supply chain. Our investment in a diversified network of suppliers has helped us maintain a track record of reliability and iktva continues to prove its value by contributing to an increasingly vibrant, dynamic and business-friendly environment in Saudi Arabia.
—Amin Nasser, Aramco president and CEO

The iktva program has helped establish a competitive industrial base, resulting in exports to more than 40 countries. Meanwhile, local content requirements embedded in thousands of contracts have contributed more than $100 billion to the national economy.

At the same time, iktva has attracted more than 540 investments to Saudi Arabia from 35 countries.

Innovation and sustainability are essential components of the iktva model, which embraces new technologies, encourages more efficient logistics networks and emphasizes the Circular Carbon Economy framework.

Cybersecurity is another program priority, ensuring both Aramco and its network of suppliers and contractors have robust protections in place to defend against emerging threats and safeguard business continuity.

Major signings

The major signings from the forum's opening featured a wide array of company's.

These included:

• Schlumberger – Partnership on climate leadership and digitalization through localization initiatives 

• Cameron/TechnipFMC/Baker Hughes – Wellhead equipment localization procurement agreements 

• Larsen & Toubro – Pressure vessel fabrication localization

• Sutherland Global Services – Smart City services localization

• Tanajib Cogeneration Power Company – Tanajib cogeneration and desalination agreement 

• Honeywell – Localization of process automation solutions 

• Alfanar Company - Carbon fiber investment collaboration.

iktva awards

The 2022 iktva award winners included the following recognitions

• Highest overall iktva performance

Services sector: Schlumberger Middle East

• Highest overall iktva performance

Construction sector: C.A.T International

• Highest overall iktva performance

Manufacturing sector: Alkhorayef Petroleum

• Best in training and development:                                  

Halliburton

• Best in supplier development:                                          

Baker Hughes

• Best in Saudization

Manufacturing sector: ArcelorMittal

• Best in Saudization

Services sector: Arabian Drilling Company

• Best in female employment:                                              

Tamimi Global 

• Best in exports

Manufacturing sector: Al-Babtain Power and Telecommunication

• Best in exports

Services sector: Saudi Aramco Nabors Drilling