Saudi Aramco, SAGIA ink MoU to enable energy investments
State-run Saudi Aramco has signed a memorandum of understanding (MoU) with Saudi Arabia General Investment Authority (SAGIA) to enable investments, support and market opportunities in the oil, gas, petrochemicals sectors and the related services.
The preliminary agreement aims to localize commodities and services through marketing various investment opportunities, Aramco said in a statement on Monday.
It also seeks to attract new investments to the oil, gas, petrochemicals industries and the related services.
Under the MoU, the major oil producer and SAGIA will organize workshops to introduce potential investments and open a channel to fast-track licensing process.
In addition, the two parties will exchange information to support Saudi Aramco's In-Kingdom Total Value Add (iktva) program.