Saudi Aramco to attract more than 50 energy supply chain investors with ITKVA
As Saudi Arabia looks to develop a competitive, flourishing and sustainable energy services sector, one of the worlds largest companies is using supply chain efficiency and value to get there.
Saudi Aramco announced in a statement this week that, under the patronage of HRH Prince Saud bin Nayef bin Abdulaziz Al Saud, governor of the Eastern Province, it will hold its 4th annual forum for the In-Kingdom Total Balue Add (IKTVA) program next week.
The event, November 26-27 at the Dhahran Expo Center in Dammam, will bring together local and international investors to “explore energy supply chain investment opportunities.”
IKTVA seeks to develop a reliable, sustainable supply chain capable of sourcing 70% of its energy sector materials and services requirements locally. It is expected to host more than 3,000 participants from over 40 countries, including new and veteran investors, suppliers, and service providers.
Also, more than 50 supply chain investment opportunities will be promoted, as well as, multiple seminars focusing on how to do business in Saudi Arabia and with Saudi Aramco.
“While creating quality jobs, building a well-trained workforce and stimulating economic growth are key objectives, localization is ultimately about sustainability,” said Mohammad A. Al-Shammary, Saudi Aramco vice president of Procurement & Supply Chain Management. “Sourcing Saudi Aramco’s value chain in our own backyard is a strategic move for greater integration and agility, with business benefits that dramatically multiply our contribution to the Kingdom’s long-term prosperity, in addition to being a win for our global suppliers, SMEs, manufacturers and service providers.”
ITKVA seeks to promote and increase investment in order top is to increase the amount of goods and services procured in the Kingdom to 70% by 2021.