Saudi Aramco raises local content in its procurement target

Oil giant Saudi Aramco is aiming to accomplish 70% local content in its procurement within the next two years.

President and Chief Executive Officer of Saudi Aramco, Amin Nasser said the company had reached 63% local content so far but hunting to reach 70% by 2025.

Speaking at Saudi Aramco’s Iktva Forum & Exhibition 2023, Nasser said “Nothing would be possible without the outstanding commitment of our suppliers to localisation in the first seven years of Iktva [In-kingdom total value add].

“It has made Aramco’s businesses more cost-efficient, more resilient, and even more reliable, while sharing the rewards we promised.”

Nasser said he believed 2023 would be a “transformational year for our supply chain” due to factors including the company’s Namaat programme. Nasser also announced the launch of the Aramco Digital Company, which will invest $1.9bn in artificial intelligence and digital innovation across industry over the next three years.