Businesses signed 107 agreements worth a combined SAR 104 bn on the first day of the Energy Localization Forum in Riyadh, state news agency SPA reports. The forum continues for its second and last day today.

Aramco inked a total of 15 agreements: The oil giant secured 10 agreements on drilling equipment and chemicals with global companies including Baker Hughes, Schlumberger, and Weatherford International. Aramco also signed five agreements on gas monitoring and control systems with Honeywell and Emerson, according to Arab News. No details were publicly available on the exact value of each contract at the time of publishing.

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ALSO- The Saudi Electricity (SEC) signed two agreements with Siemens Energy and HitachiEnergy on high-voltage gas-insulated switchgears — which are utilized in the Kingdom’s power grid — as well as 7 more agreements for the localization of electrical component production.

Welcoming the Nuwatin initiative: The forum also saw the launch of the Nuwatin initiative, which aims to promote localization in the energy sector through closing the gap between suppliers, investors, and other sector stakeholders. The initiative currently involves 63 suppliers and 59 energy components, aiming to boost the localization of energy products by as much as 20% in certain sectors.

AND- The GCC Lab Company for Technical Services, run by Sabic and SNB Capital and others was launched at the event. The company is meant to advance the localization of advanced energy technologies.

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