Riyadh – Mubasher: Italian energy services group Saipem has signed a memorandum of understanding (MoU) with Saudi Arabian Oil Company (Aramco) to consider establishing a firm to carry out engineering, procurement, and construction (EPC) work in Saudi Arabia, Reuters reported on Tuesday.
The joint investment agreement is part of the Namaat Investment Industrial Program that was unveiled by Aramco earlier this month. The programme aims to boost economic growth and diversification in Saudi Arabia.
Saipem stated that any new company that is set up with local partners would work in energy and infrastructure with the aim of creating an EPC national champion.
Namaat Investment Industrial Program covers 22 MoUs in different fields, such as energy and the chemicals supply chain, with a series of companies like Solvay, Veolia , Halliburton, and Schlumberger.
