Saudi Aramco awards 16 local firm deals worth $7 billion

Saudi Arabia announced they have awarded 16 local companies deals worth over 26 billion riyals ($6.93 billion) in an effort to increase the Kingdom’s industrial base and manufacture more products locally.

The purchase agreements signed on May 1 and valid for 10 years will focus on the supply of pressure vessels by local manufacturers, Aramco said. The companies include Al-Zamil Process Equipment, Al-Zamil Heavy Industries, Olayan Descon Engineering, Saudi Arabian Fabricated Metals, Gulf Steel Works and Bemco Steel Industries.