As part of Saudi Arabia’s Namaat programme, Italian company Saipem has agreed to collaborate with Saudi Aramco and domestic player Nasser S Al Hajri Corporation (NSH) on the national engineering, procurement, and construction (EPC) champion initiative, which aims to boost local involvement in projects.
Saipem said that the agreement is meant for “the execution of onshore EPC projects in the Kingdom by a newly established entity, to be incorporated by Saipem and NSH in Saudi Arabia. The initiative follows the MoU (Memorandum of Understanding) signed and announced in September 2021, under Aramco’s Namaat Investment Industrial Programs, focused on building national champions, creating a robust industrial ecosystem and introducing unique job opportunities.”
The initiative follows the MoU (Memorandum of Understanding) signed and announced in September 2021
The EPC National Champion joint venture, according to the Italian company, is slated to be operational by the end of 2022.
A Vital Component
The IKTVA (in Kingdom total value add) localization programme of Aramco is a vital component of its plan to increase domestic investments in critical EPC projects by 2030. Leading international EPC conglomerates working in Saudi Arabia are expanding their local capacities at an increasing rate in accordance with the IKTVA program.
The two companies have a “long-running collaboration” on a variety of projects
According to a representative for Saipem, the two companies have a “long-running collaboration” on a variety of projects, from drilling operations with onshore and offshore rigs to onshore and offshore engineering and construction. The company is also a key part of Aramco’s offshore long-term agreement (LTA) with international contractors or consortiums.
Saipem was recently awarded four offshore contracts from Aramco worth $650 million to carry out EPCI work on its oil and gas fields.
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