UK-based oilfield services company Wood has entered into a memorandum of understanding (MoU) with Saudi Aramco to create and accelerate opportunities for local workforce in Saudi Arabia.
The MoU was signed on November 23, 2017.
It supports Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) initiative, which is part of the Kingdom’s Vision 2030 plan; focused on strengthening and diversifying the Saudi economy through the localization of key manufacturing and service industries within the Kingdom, and the creation of thousands of new jobs for young Saudi citizens, Wood explained in a statement on Wednesday.
Robin Watson, chief executive of Wood, said: “Wood has been operating in the Kingdom of Saudi Arabia for many years, with a clear commitment to developing local talent and creating opportunities for the state’s supply chain. In recent years, our presence has grown rapidly, in large part due to our ongoing Saudization efforts.
“We are proud to sign this agreement, which reflects our long-term commitment to the region, our valued and trusted relationship with Saudi Aramco and provides a platform to accelerate our ongoing efforts to meet and exceed the objectives set within the IKTVA initiative.”