Saudi Arabia will establish a localization committee for the energy sector “soon,” the Kingdom’s energy minister Prince Abdulaziz bin Salman told a forum in the Eastern Province on Monday.
He said this committee will ensure a smooth implementation of efforts to achieve the Kingdom’s localization goal.
The In-Kingdom Total Value Add, or IKTVA, has kicked off on Monday in Dhahran, highlighting the oil giant’s role in boosting local opportunities in Saudi Arabia.
Our #iktva program drives growth in a rapidly changing business environment#Aramco
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— aramco (@aramco) January 21, 2022
The three-day forum, held at the Dhahran Expo Center in the Kingdom’s Eastern Province, will feature opportunities for businesses who are “committed to boosting local content within the Saudi energy economy.”
Read more: Saudi Aramco balances competing priorities as IKTVA enters 6th year
Aramco’s CEO Amin Nasser opened the event with a keynote speech on the importance of IKTVA, especially amid the global energy transition.
He said oil and gas will remain essential despite the global energy transition, highlighting a “lack of investments” in the sector.
“We have to back up our sustainability goals with investments,” he added.
Launched in 2015, the IKTVA program set out Aramco’s drive to increase domestic value creation as part of the Kingdom’s ambitious economic transformation objectives.
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“The most important measurement of success is the impact that IKTVA is having on people’s lives; creating jobs, encouraging learning, expanding career options, and enhancing the Saudi business environment,” according to the event’s website.
The event ends on Jan. 26.