Saipem and Saudi construction company Nasser S. Al Hajri Corporation have signed a deal with Saudi Aramco to set up a new entity in the kingdom to execute onshore engineering, procurement and construction (EPC) projects, Zawya reports.
The signatories have not revealed the value of the deal but the signing is in line with the MoU signed in September 2021, as part of the Saudi Aramco’s Namaat industrial initiative investment program.
The new joint venture will reportedly perform the full range of onshore EPC projects in Saudi Arabia, maximizing the use of local resources.
Aramco’s Namaat program aims to encourage local and international companies to support investment opportunities to help create jobs for Saudis and contribute to national growth and capacity building, the media also notes.
The program also plans to create “National Champions” in various sectors.
Italy’s Saipem and Al Hajri Corporation ink deal with Aramco to set up EPC JV
