ANNOUNCEMENT 03 Aug 2017
The Saudi state-owned oil firm Saudi Aramco signed a MoU with the American-based Kellogg Brown & Root Limited. The core scope of this MoU is to strengthen Saudi Aramco's capability to procure most of its inputs locally i.e. from within the borders of the Saudi jurisdiction.
NUMBER OF INTERVENTIONS
IKTVA. 2017. English. MoU signed with KBR to strengthen company’s in-Kingdom procurement of services. https://www.iktva.sa/mou-signed-with-kbr-to-strengthen-companys-in-kingdom-procurement-of-services/
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.