Saudi Aramco Discusses Project Opportunities with Contractors

DHAHRAN, March 10, SPA -- Saudi Aramco has met with local and
international contractors this week to discuss opportunities
presented by the 144 projects planned for the next five years.
Eight of them are mega-projects along with 80 other small and
medium-sized projects in the Kingdom of Saudi Arabia, according to a
latest report carried today by Saudi Aramco's web-site.
The contractors from top major national and international companies
held discussions on the prospects for Saudi Aramco’s projects up to
2014, including the challenges and the strategies needed to implement
these projects.
As the price of raw materials such as steel and cement have fallen, the meeting also highlighted how Saudi Aramco and its contractors can take advantage of lower costs and the opportunities associated with current market conditions.
Majid Al-Mugla, Executive Director of Project Management at Saudi
Aramco, stressed the importance to chart a road map with the
contractors to achieve the company’s targets amid the challenges
posed by global economic conditions.
“The company is considering more flexible and innovative strategies in the area of financial risk management to carry out these projects,” Al-Mugla said. “That may include redesigning contracts to suit market conditions.”
“Our mega-projects will support companies that are qualified
contractors, as we continue to serve development projects in the
Kingdom,” Al-Mugla said. He also noted the company had successfully
concluded new terms for a number of projects, and urged contractors
to take advantage of this opportunity.
In his closing address, Al-Mugla reiterated Saudi Aramco’s long-term
commitment to carry out the company’s strategy that would serve the
needs of the Kingdom’s economy, as well as support the local
construction sector.

--SPA