Saudi Arabia's Aramco has awarded long-term agreements (LTAs) to eight companies, including the Egyptian Engineering for the Petroleum and Process Industries (Enppi), allowing these firms to participate in its oil and gas brownfield and plant upgrade projects.
These contracts are for a six-year period and are extendable for an additional six years, Aramco said.
The other companies are Daelim Saudi Arabia Company, Consortium of Nasser Saeed Al-Hajri and Contracting/Samsung EPC Company, GS Construction Arabia Company, Snamprogetti Engineering and Contracting Company, JGC Gulf Engineering Company, Technip Italy and Hyundai Engineering and Construction Company.
The company's new strategy focuses on establishing new businesses and developing partnerships based on sustainability and new technologies.
"We are delighted to have concluded these LTAs as part of our new strategy, which offers a number of benefits to Aramco and our partners, and it will have a positive impact on the business environment and economic activities in the Kingdom," said Ahmad A. Al Sa'adi, Aramco's Technical Services Senior Vice President.
"These LTAs which are associated with huge business which allow us to boost the performance of our brownfield and upgrade projects through new technologies and pioneering environmental sustainability fundamentals," he added.
The agreements include the engineering, procurement, construction, start-up and pre-commissioning of each project, as well as the installation of the upgraded facilities in the designated operating areas.
"The contracts mandate a minimum commitment to use 39% local content and supply chains initially, increasing to a 60% commitment within six years," Aramco's statement reads.