ANNOUNCED AS TEMPORARYNo
On 3 August 2017, Saudi Aramco as part of its In Kingdom Total Value Add (IKTVA) program signed a Memorandum of Understanding with Kellogg Brown and Root Limited (KBR).
IKTVA is a program established in 2015 and its primary scope is to achieve 70% localisation of Saudi Aramco's supply chain by 2021 (see related measure).
Consequently, under the umbrella of this MoU, KBR has committed to engage in an action plan with a duration of five years whose core scope it is to further develop and expand KBR's physical and human capital in Saudi Arabia.
This will subsequently position KBR as a corporation capable of enhancing the extent to which Saudi Aramco's supply chain relies on locally sourced goods and services.
Saudi Aramco -- Saudi Aramco is the largest state-owned oil company of Saudi Arabia.
Kellogg Brown and Root Limited (KBR) -- KBR is a US-based corporation which is engaged in providing government services, technology and consulting services as well as engineering and construction services. KBR primarily cooperates with players operating in the energy industry.
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