RIYADH: On the second day of a special event in Riyadh, agreements were struck to promote localisation efforts in Saudi Arabia’s oil and gas and renewable energy industries. A partnership between the Kingdom’s Small and Medium Enterprise Bank and Saudi Basic Industries Corp., or SABIC, as part of the Nusaned program, which aims to finance and support small and medium-sized businesses, was one of the most noteworthy announcements made at the Energy Localisation Forum.
Additionally, SABIC signed six new memorandums of understanding, including one with Arabian Renewable for Environmental Services that focusses on turning waste tires into useful products and another with Al Masafi for the construction of a 200 kilo-tonne annual nitric acid plant in King Salman Energy Park.
Baker Hughes signed seven significant contracts with private sector companies in the oil and gas industry, including one with Azad Engineering for the local production of high-precision machined components and another with Metall-Treat Industries for coating and machining services. Additionally, Saudi Electricity Co. inked three agreements, including one with REDA Hazard Control for safety equipment and another with Farabi Petrochemicals Group for fuel additives. To further highlight the importance of local collaborations in guaranteeing the robustness of the energy supply chain, SEC also inked four other agreements with Saudi-based businesses, including Bilfinger and Doosan, pertaining to “operation and maintenance” services.
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