|
|
Article: Saudi Arabia - Saudi Aramco To Enforce Local Content Element Via JVs & Cut Costs.
- Article from:
- APS Review Downstream Trends
- Article date:
- October 5, 2009
CopyrightCOPYRIGHT 2009 Input Solutions. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Under a five-year investment plan for 2010-2014, Saudi Aramco is to eventually offer all of the major contracts on its mega-projects to international companies which create JVs with local firms. This is to set a new trend for other GCC states to follow.
Although sub-contracting to firms outside the kingdom will still be allowed, Saudi Aramco will set quotas for the number of Saudi nationals to be employed on the design and construction phases of all contracts. Saudi Aramco says a failure to hire and train Saudi staff could lead it to fine international contractors.
Following on the footsteps of Saudi Aramco, GCC national oil companies (NOCs) have made ...