Técnicas Reunidas has signed a long-term agreement (Long Term Agreement, LTA) with Saudi Aramco, the world’s largest oil company, for the next six years, thus becoming part of the exclusive group of eight contractors that signed this framework agreement with Saudi Aramco a few weeks ago.
This agreement, which has led the shares to rise more than 10% on the stock market (to close with increases of 8.5%), is part of Aramco’s new contracting strategy and aims to improve cost efficiency and the quality and safety of its projects to improve its oil and gas facilities and implement ambitious environmental standards.
It also focuses on establishing new businesses and developing partnerships based on sustainability and new technologies, as reported by the Spanish company to the National Securities Market Commission (CNMV).
The scope of the LTA includes engineering, procurement, construction, start-up and pre-commissioning of each project, as well as the improvement of the facilities in the identified operational areas.
As reported by the company, by signing this agreement, Saudi Aramco and Técnicas Reunidas will support job growth and workforce development in Saudi Arabia, with special emphasis on improving Saudiization, local content and supply chains. , contributing to the fulfillment of the objectives within the “In Kingdom Total Value Add” (IKTVA) program of Saudi Aramco.
Also, with this long-term agreement, Técnicas Reunidas demonstrates its commitment to the Kingdom of Saudi Arabia and its main customer, Saudi Aramco.
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