Saudi Aramco expanded its In-Kingdom Total Value Add (IKTVA) program and strengthened its relationship with local industry players by awarding purchase agreements to 16 Saudi pressure vessels manufacturers. The $6.93 billion agreements will bolster the company’s ongoing support and commitment to empower local companies within the small and medium-sized enterprises (SMEs) realm under IKTVA, as part of Vision 2030. The agreements will focus on the supply of pressure vessels by local manufacturers, mandated under IKTVA goals, as well as to actively pursue Saudization targets. Saudi Aramco Vice President of Procurement and Supply Chain Management Abdulaziz al-Abdulkarim lauded the manufacturers for developing robust IKTVA action plans that will increase the number of Saudi jobs and provide more business in pressure vessels components to local SMEs. Abdulkarim set the expectations with the manufacturers to work closely with Aramco to increase the percentage of Saudization under these agreements at all levels and disciplines, including engineers, welders and other professional skilled workers. These agreements will expand the local industry’s capability and provide high quality supply of materials and services to Aramco, he added. "IKTVA is a cornerstone of Saudi Aramco’s procurement process which will expedite localization, promote locally-based SMEs and help economic diversification in support of Saudi Vision 2030," he said. Abdulkarim described the SMEs as "engines of innovation for economic growth and development," adding that “they have the agility, know-how, market expertise and products the oil and gas industry requires." He asserted that Aramco recognizes the huge potential of SMEs and believes the companies chosen under this agreement will step up to the challenge and meet the required expectations. Pressure vessels represent an integral and critical equipment group for oil and gas processing facilities that require sophisticated manufacturing capabilities and labor skills. Saudi Aramco is also extending the IKTVA requirements to the procurement of other strategic materials, such as drilling equipment, process automation systems, line pipes, pumps and valves. IKTVA is one of the leading models in Vision 2030 and aims to achieve 70 percent of local content in industry and services in the energy sector by 2021. The program reinforces Aramcos quest to develop an accessible global supply and supply system with a high degree of reliability and an advanced level of innovation, to achieve its strategic goal of becoming the worlds leading and integrated energy and chemical company. The program also offers a new level of equal opportunities between local and international suppliers to meet the requirements for Aramco contracts. These developments come as Vision 2030 supports industry development and local content, such as renewable energy, military industries, exports, mining and energy, technology, and robotics. This includes improving infrastructure, supporting exports and developing the necessary logistical services to make Saudi Arabia a distinctive industrial and logistics platform between Asia, Africa and Europe.