BRIEF-Saudi Aramco Awards Long-Term Agreements For Oil And Gas Brownfield Projects

SAUDI ARABIAN OIL CO: * ARAMCO AWARDS MAJOR LONG-TERM AGREEMENTS TO EIGHT COMPANIES FOR ITS OIL AND GAS BROWNFIELD PROJECTS

* EIGHT COMPANIES HAVE BEEN AWARDED LONG-TERM AGREEMENTS (LTAS). THESE AGREEMENTS ARE FOR A SIX-YEAR BASE PERIOD AND EXTENDABLE FOR AN ADDITIONAL SIX YEARS * THESE AGREEMENTS ARE FOR A SIX-YEAR BASE PERIOD AND EXTENDABLE FOR AN ADDITIONAL SIX YEARS

* EACH LTA WILL SUPPORT GROWTH IN EMPLOYMENT AND DEVELOPMENT OF WORKFORCE IN SAUDI ARABIA * ANNOUNCED A NEW CONTRACTING STRATEGY FOR COMPANY'S OIL AND GAS BROWNFIELD AND PLANT UPGRADE PROJECTS

* EACH LTA WILL SUPPORT GROWTH IN EMPLOYMENT AND THE DEVELOPMENT OF THE WORKFORCE IN SAUDI ARABIA * FOLLOWING APPROVAL OF NEW CONTRACTING STRATEGY, CONTRACTORS' COMPANIES WERE INVITED TO SUBMIT THEIR PROPOSALS

* STRATEGY FOCUSES ON ESTABLISHING NEW BUSINESSES AND DEVELOPING PARTNERSHIPS BASED ON SUSTAINABILITY AND NEW TECHNOLOGIES * AFTER A THOROUGH EVALUATION PROCESS, EIGHT COMPANIES HAVE BEEN SELECTED TO CARRY OUT WORK

* SCOPE OF LTAS INCLUDES ENGINEERING, PROCUREMENT, CONSTRUCTION, START-UP AND PRE-COMMISSIONING OF EACH PROJECT * CONTRACTS MANDATE A MINIMUM COMMITMENT TO USE 39% LOCAL CONTENT AND SUPPLY CHAINS INITIALLY, INCREASING TO A 60% COMMITMENT WITHIN SIX YEARS Further company coverage: