SNC-Lavalin (TSX: SNC) and Saudi Aramco today signed a Memorandum of Understanding (“MoU”) signalling SNC-Lavalin's continued commitment to creating and accelerating opportunities for local workforces in the Kingdom of Saudi Arabia.
The MoU supports Saudi Aramco's In-Kingdom Total Value Add (“IKTVA”) program, which applies to Saudi Aramco suppliers and drives the localization of oilfield services and equipment value chain, to strengthen and diversify the Saudi economy; transfer technologies, skill and knowledge through training and development; and create thousands of new jobs for the growing Saudi population.
Neil Bruce, President & Chief Executive Officer of SNC-Lavalin, was present for the signing, and said: “SNC-Lavalin has been operating in Saudi Arabia for over 40 years, with a clear commitment to developing local talent and creating opportunities for local supply chain. In recent years, our presence has grown rapidly, in large part due to our ongoing Saudization efforts and on ground presence.”
“I am proud to sign the agreement today, which reflects our long-term commitment to the region and our valued and trusted relationship with Saudi Aramco, and gives a working platform to accelerate our ongoing efforts to meet and exceed the objectives set within the IKTVA initiative.”
Christian Brown, President, Oil & Gas, SNC-Lavalin, added: “Our work for Saudi Aramco is of great importance to us; we have close to 10,000 team members working in the country and putting in place such a framework around iktva means we can continue to grow and execute additional scopes on behalf of Saudi Aramco. Our presence, scale and experience in the region mean we are well placed to implement this, and we see strong demand for similar initiatives supporting economies and social development in our active bidding.”
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