Saudi Aramco signs MoU with 18 Turkish companies

By Dilara Zengin

ISTANBUL (AA) - Saudi Aramco signed a number of memorandum of understandings (MoUs) with leading Turkish companies to further strengthen commercial and investment relations between Saudi Arabia and Turkey on Tuesday in Istanbul.

Speaking at the signing ceremony, Turkey’s Ministers of Energy and Natural Resources Berat Albayrak said these MoUs will strengthen bilateral relations between Turkey and Saudi Arabia.

"The two countries are major players in the region and we will continue to contribute to the stability of the region and the world," Albayrak said.

"I would like to underline three principles that Turkey emphasizes - the projects should be based on win-win principle and should be to the benefit of the two sides. It should contribute to regional peace and should guarantee energy security. Turkey will continue to support all projects based on these principles," he said.

Saudi Arabia's Minister of Energy, Industry and Mineral Resources Khalid Al Falih said the MoUs provide a formal framework for future collaboration on multiple capital projects.

"We are willing to work with Turkish companies under the Saudi Vision 2030. These MoUs will be the first step of this process. We plan to increase the investment amounts to a billion dollars," he added.

The Saudi Vision 2030 lays out a blueprint for the kingdom's long-term goals and expectations reflecting its strengths and capabilities. Some of the principle aims of the kingdom are to become a "global investment powerhouse" and to transform the country's unique strategic location into a global hub connecting three continents, Asia, Europe and Africa.

President and CEO of Saudi Aramco Amin H. Nasser noted that this is a great opportunity for Turkish companies to bring in their expertise and invest in the Kingdom's future.

"These efforts continue to underscore the commitment by Saudi Aramco towards achieving the Saudi Vision 2030. We will double the percentage of locally produced energy related goods and services to 70 percent by 2021," he said.

The signed MoUs will enable Turkish companies to bid for Saudi Aramco projects.

Turkish companies already play a role in a diverse range of business activities including power generation, airport construction and management, petroleum and roadways and some of the companies have an existing track record of investment in Saudi projects.