Saudi Aramco to Hold 4th Annual IKTVA Forum Exhibition for Best Practices in Local Content

Energy Press Releases Friday November 23, 2018 13:06
DHAHRAN, Saudi Arabia--23 Nov--PRNewswire/InfoQuest

Under the patronage of HRH Prince Saud bin Nayef bin Abdulaziz Al Saud, governor of the Eastern Province, Saudi Aramco will hold its 4th annual forum for the In-Kingdom Total Value Add (IKTVA) program November 26-27 at the Dhahran Expo Center in Dammam.

(Photo: https://mma.prnewswire.com/media/788504/Saudi_Aramco.jpg )
(Photo: https://mma.prnewswire.com/media/788503/Saudi_Aramco_Energy.jpg )
(Photo: https://mma.prnewswire.com/media/788502/Saudi_Aramco_IKTVA.jpg )

The event will bring together a broad spectrum of local and international investors to explore energy supply chain investment opportunities. Experts and specialists from various entities and companies will contribute to dynamic panel discussions, presentations, workshops and seminars.

This year's IKTVA Forum & Exhibition will reinforce the program's positive impact on the national economy in alignment with Vision 2030, Saudi Arabia's economic diversification program. The event will highlight success stories and best practices for promoting supplier local content.

Saudi Aramco designed IKTVA to make the Saudi energy sector globally competitive by localizing goods and services; creating direct and indirect jobs for citizens; and increasing the Kingdom's export of energy-related goods and services by 30 percent.

The program falls within the strategic initiative framework of the National Transformation Program intended to amplify efforts by the company's suppliers in driving local goods and services investments, delivering workforce development and technology transfer, and fostering R&D while providing partners with opportunities for expansion.

IKTVA seeks to develop a reliable, sustainable supply chain capable of sourcing 70 percent of its energy sector materials and services requirements locally. By 2030, the program also aims to establish 30 training centers helping 360,000 highly skilled graduates take on the jobs of the future.

"While creating quality jobs, building a well-trained workforce and stimulating economic growth are key objectives, localization is ultimately about sustainability," said Mohammad A. Al-Shammary, Saudi Aramco vice president of Procurement & Supply Chain Management. "Sourcing Saudi Aramco's value chain in our own backyard is a strategic move for greater integration and agility, with business benefits that dramatically multiply our contribution to the Kingdom's long-term prosperity, in addition to being a win for our global suppliers, SMEs, manufacturers and service providers."

This year's IKTVA Forum is expected to host more than 3,000 participants from over 40 countries, including new and veteran investors, suppliers, and service providers. Also, more than 50 supply chain investment opportunities will be promoted, as well as, multiple seminars focusing on how to do business in Saudi Arabia and with Saudi Aramco. The IKTVA Forum is enriched by an exhibition of local and international companies along with training academes, industrial parks and government entities.

The 2018 IKTVA Forum & Exhibition is the leading global energy supply-chain event, hosting a diverse range of industry sectors both local and international, large and small. Over the past four years, large companies and SMEs have partnered with Saudi Aramco to build a world-class, competitive energy sector.

About Saudi Aramco

Saudi Aramco is a world-leading integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one of every eight barrels of the world's crude oil supply to developing new energy technologies, our global team is dedicated to creating positive impact in all that we do. We focus on making our resources more sustainable and more useful, promoting long-term economic growth and prosperity around the world. http://www.saudiaramco.com

Source: Saudi Aramco

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