Saipem and Saudi Aramco have signed a Memorandum of Understanding (MoU) aimed at exploring the possibility to establish a new entity in Saudi Arabia for the execution of engineering and construction activities in the industrial sector.
The initiative was taken in the frame of the Saudi Aramco’s Nama’at Industrial Investment Program, focused on capacity building in four key sectors: sustainability, technology, industrial and advanced materials.
The agreement entails the potential creation, in partnership with local entities, of an “EPC National Champion” capable of executing, in-Kingdom, the full range of Engineering, Procurement and Construction (EPC) project activities, while maximising the employment of local resources.
Saipem has a long-standing collaboration with Saudi Aramco, including the execution of a wide set of activities, from onshore and offshore engineering and construction to drilling activities, with onshore and offshore rigs.