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Saudi Aramco has awarded a contract to the local subsidiary of U.S. company General Dynamics as the state oil giant aims to increase security at its offshore facilities, Saudi Aramco said on Wednesday.
Industry sources told Reuters in July the contract involves installing long-range integrated security systems at nine offshore sites in the Gulf.
Apart from General Dynamics, Aramco received bids from other defense firms, including Raytheon Co of the United States, Germany’s Rheinmetall AG, Leonardo’s Selex ES Saudi Arabia.
No value was provided but sources told Reuters that General Dynamics will work with Saudi Binladin Group.
Saudi Aramco has been signing deals with foreign firms who have established local manufacturing as part of its in-kingdom total value add program (IKTVA).
Under IKTVA, Aramco aims to double the percentage of locally-produced energy-related goods and services to 70 percent by 2021 and to export 30 percent of the total domestic energy goods and services produced in the Kingdom over the same time frame.
The project supports such an initiative, Fahad al-Helal, Aramco’s vice president for project management said in a brief statement posted on the weekly Arabian Sun Aramco magazine.
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Hosted by CE
Saudi Aramco and Bahrain Petroleum Company (Bapco) announced on Tuesday the successful operation of the AB-4 crude oil pipeline as part of a new phase of the Aramco-Bahrain crude oil pipeline strateg
State-owned Abu Dhabi National Oil Company began production and loading of crude from its offshore Umm Lulu and Sarb fields with commercial shipment to start next month, according to a company spokes
Commercial Bank of Dubai (CBD) on Wednesday reported a net profit of Dh843 million for the first nine months of 2018, up 26.8 per cent compared to the same period last year.
For the third q
National Bank of Bahrain (NBB) said it delivered strong financial results and continued growth for the first nine months of 2018 marked by an 11.3 per cent rise in net profit, which reached 55 millio
Doha Bank recorded a net profit of QR737m for the third quarter of 2018 as against QR1.04bn for the same period last year after taking significant loan loss provision in relation to the bank’s overse
United Development Company (UDC), a leading Qatari shareholding company and master developer of The Pearl-Qatar, reported a net profit of QR416m on revenues of QR1.29bn for the nine months ended Sept