State oil giant Saudi Aramco said it has signed strategic agreements with 18 Turkish industrial enterprises which will enable them to bid for it upcoming projects in support of its Saudi Vision 2030.
The MoUs will strengthen Saudi-Turkish business and economic cooperation, which has been growing steadily over the past decade, reflected in increased bilateral trade and investment between the region’s two leading economies, said a statement from Saudi Aramco.
The agreements also have the potential to expand commercial partnerships between the two countries, it stated.
Saudi Aramco's move to add new potential partners to the company’s slate of future capital projects will help promote diversification and infrastructure enhancement in support of Saudi Vision 2030, said a statement.
The agreement was signed by Khalid Al Falih, Saudi Minister of Energy, Industry and Mineral Resources and Berat Albayrak, Turkish Minister of Energy and Natural Resources in the presence of senior company officials including Amin H. Nasser, the president and CEO of Saudi Aramco, and several Turkish business leaders.
"The MoUs will help further the development of business opportunities between the two countries and we look forward to working with Turkish firms on future projects," stated Nasser.
"These efforts continue to underscore the commitment by Saudi Aramco towards achieving Saudi Vision 2030,” said the top official, adding that "because the Vision 2030 places special emphasis on localisation, we will double the percentage of locally-produced energy-related goods and services to 70 per cent by 2021."
"This is a great opportunity for Turkish companies, particularly to bring their expertise and invest in the Kingdom’s future," he stated.
According to him, the Turkish companies represent leading players in a diverse range of business activities, including power generation, airport construction and management, petroleum, and roadways.
Some of the companies have an existing track record of successful investment in Saudi projects such as the Manifa Field development, the Jeddah Storm Water projects, Medina Airport, Riyadh Water Transmission System, the Jubail Railway Network, and the Yanbu Industrial City Residential Facilities.
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