Fahad Al Abdul Kareem Vice President of Industrial Services at Saudi Aramco
Saudi Aramco is working as a partner to produce iron and steel, which is used for manufacturing pipes, tanks and vehicles, despite being an oil and gas producer. The localization of iron products is a key objective in the company’s strategy, Fahad Al Abdul Kareem, Vice President of Industrial Services, said during a panel at the Saudi International Iron & Steel Conference (SIIS) in Riyadh.
Under Vision 2030, Saudi Arabia aims to be a regional hub for many iron and steel products and it is on the right track to support the national iron industry.
“We succeeded in focusing on attracting foreign investments to the iron industry and encouraging local investors to maintain progress in this industry,” he noted.
Seven years ago, Saudi Aramco launched an effective program to enhance local content in the supply sector. Local content rose from 35% at the beginning to 59% currently. It also developed two programs to stimulate car manufacturing. The company marches ahead to attract specialized investment partners to produce many iron products.
Al Abdul Kareem explained that Aramco is organizing its iron ore program in coordination with a partner. The program will produce 1.5 million tons of iron ore to provide large quantities for the local vessel and ship industries. The company is establishing industrial facilities at Ras Al Khair, whose production will be used to support rolling mills and engine industries, in addition to the development of iron and steel industrial facilities to fill the gap.
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