January 14, 2025 [AGBI]- Saudi Aramco has identified 210 localisation opportunities within 12 sectors with an estimated market size of $28 billion.

Wail Al Jaafari, Aramco vice president of technical services, made the comments on the opening day of the Iktva Forum in Dhahran on Monday.

Iktva, which stands for “in-kingdom technical value add”, “is a top priority in Aramco’s long-term planning,” Al Jaafari said, “as we seek to build on the company’s already high levels of resilience”.

Aramco also announced the signing of 145 agreements and memorandums of understanding on Monday with a combined value of $9 billion. No details were offered about the deals, which were signed with Saudi and international companies to boost local content within the supply chain.

Al Jaafari credited the Iktva programme with enabling the establishment of 350 local manufacturing facilities with a total capital expenditure of $9 billion, manufacturing 47 products for the first time in Saudi Arabia.

“These facilities cover different sectors such as chemicals, non-metallics, IT, electrical and instrumentation, static and rotating equipment, drilling, fire protection systems, and others,” he said.

Since helping to launch the programme nine years ago, Aramco has made “significant strides”, CEO Amin H Nasser told Iktva Forum attendees. The company increased its own “Iktva rating” from 35 percent in 2015 to 67 percent in 2024, close to its ultimate goal of 70 percent.

“For Aramco, a largely localised supply chain ensures continuity and helps us navigate operational challenges more effectively,” he said.

Also addressing the forum, minister of energy Prince Abdulaziz bin Salman said that 415 components and services within the energy sector have been identified for localisation, of which 116 have been prioritised, with potential investment opportunities of SAR250 billion ($66.7 billion).

Prince Abdulaziz also suggested that the kingdom intends to export enriched uranium and manufacture “yellowcake”, a solid form of uranium oxide that can be used to develop nuclear fuel.