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    Saipem, Aramco sign EPC co-operation MoU

Summary

The two could set up a joint venture to develop construction projects in four main areas.

by: William Powell

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Saipem, Aramco sign EPC co-operation MoU

Italian engineering firm Saipem and state oil giant Saudi Aramco signed September 21 a memorandum of understanding  to jointly explore the possibility of setting up an entity to execute engineering and construction (EPC) activities in the kingdom.

The signature took place under the auspices of Saudi Aramco’s Nama’at Investment Industrial Programme, which is focused on building capacity in sustainability; technology; industry; and advanced materials.

The agreement entails the potential creation, in partnership with local entities, of an “EPC National Champion” capable of executing the full range of engineering, procurement and construction projects, maximising the employment of local resources.

Saipem said it "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."