KBR, Saudi Aramco ink MoU strengthen in-Kingdom procurement services

KBR, Saudi Aramco ink MoU to strengthen in-Kingdom supply chain

6:57 AM, 10th August 2017
Stuart Bradie, KBR president and CEO (left) and Amin Nasser, president and CEO of Saudi Aramco signing the MoU.
Stuart Bradie, KBR president and CEO (left) and Amin Nasser, president and CEO of Saudi Aramco signing the MoU.

HOUSTON, US/ DHAHRAN, SAUDI ARABIA: KBR Inc (KBR) has entered into a memorandum of understanding (MoU) with Saudi Aramco to expand and develop KBR's services for Saudi Aramco in line with the Kingdom of Saudi Arabia's (KSA) localization objectives.

The MoU and initiative is in line with Saudi Aramco's In-Kingdom Total Value Add (IKTVA) initiative that aims to double the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021.

The MoU also seeks to encourage Saudi Aramco's in-Kingdom and worldwide partners across the supply chain to maintain their commitment to invest in the Kingdom and leverage the huge opportunities for growth of businesses, resources and utilize the available local skills.

"This agreement demonstrates KBR's dedication to meeting and exceeding localization objectives and supporting the Kingdom in developing human capital within engineering and project management," said Stuart Bradie, KBR president and CEO.

"The Kingdom of Saudi Arabia remains a key market for KBR's global energy and hydrocarbons business and we are committed to implementing our lessons learned from successful localization initiatives in other geographies and replicating those successes in-Kingdom," added Bradie.

"We are proud of our long track record of partnership with Saudi Aramco in training and employing local resources. Our legacy of job creation for locals in-Kingdom, including using local fabrication and suppliers on our projects, helps Saudi citizens build sustainable employment, not just for one project but throughout their lives and careers – bringing added value to local projects and the national economy," Bradie concluded.

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