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Saudi Aramco awards 16 local firm deals worth $7 billion

Saudi Aramco awards 16 local firm deals worth  billion© Reuters. FILE PHOTO: Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city

RIYADH (Reuters) – Saudi Aramco said on Saturday it awarded 16 local companies deals worth more than 26 billion riyals ($6.93 billion) as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically.

The 10-year purchase agreements, signed on May 1, will focus on the supply of pressure vessels by local manufacturers, Aramco said. The companies include Al-Zamil Process Equipment, Al-Zamil Heavy Industries, Olayan Descon Engineering, Saudi Arabian Fabricated Metals, Gulf Steel Works and Bemco Steel Industries.

($1 = 3.7502 riyals)

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Source: Investing.com

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