Saudi Aramco, the largest oil production company in the world, is moving towards taking control of a stake in the industrial investment sector in the country, as part of the Kingdom's plans to localize certain industries and diversify its economy away from oil. Aramco's Chairman, Yasir Al-Rumayyan, stated that "the company aims to acquire a significant stake in the industrial investment sector, as part of an investment program in the sector that contributes to driving economic growth and further diversification, while ensuring greater reliability of energy supplies, effectively localizing the industrial supply chain, as well as creating job opportunities and better skills."
These remarks were made during a press conference held today, Tuesday, in Dhahran, on the sidelines of Aramco signing memoranda of understanding for joint projects with global companies as part of an industrial investment program. Today, Aramco launched the industrial program by signing 22 memoranda of understanding, including a joint project with South Korea's Siah Company and Dussur, which is jointly owned by Aramco and the Public Investment Fund, to localize the manufacturing of casting and stainless steel pipes.
Aramco has named its specialized program for investment in the industrial sector "Nama’at," targeting the exploration of available industrial investment opportunities in the Kingdom to create new value and push the economic diversification agenda forward. The President and CEO of Saudi Aramco, Amin Nasser, confirmed that the company will offer local and foreign investors opportunities to participate in achieving growth and sustainability, to increase added value in the energy and petrochemical supply chain.
Aramco seeks to generate revenues from its energy-related assets by maximizing their benefits through partnership and sales operations, the latest of which was the announcement about selling a stake in its oil pipelines valued at approximately $12 billion, while also seeking greater value through selling a stake in its natural gas pipelines.
