Italian energy industry engineering and construction firm Saipem has signed a Memorandum of Understanding (MoU) with the Saudi oil giant Saudi Aramco to explore the possibility of forming a new entity for engineering and construction activities in the energy and infrastructures industrial sector in Saudi Arabia.
Saipem said the initiative was taken in the frame of the Saudi Aramco’s Nama’at Investment Industrial Program, focused on building capacity in four key sectors: sustainability, technology, industrial and advanced materials.
The Italian firm said the agreement entailed the potential creation, in partnership with local entities, of an “EPC National Champion” capable of executing, in-Kingdom, the full range of Engineering, Procurement and Construction (EPC) project activities, while maximizing the employment of local resources.
"Saipem has a long-standing collaboration with Saudi Aramco, including the execution of a wide set of activities, from onshore and offshore engineering and construction to drilling activities, with onshore and offshore rigs," Saipem said.