During this year’s In-Kingdom Total Value Add (iktva) Forum and Exhibition, held in Dhahran, Saudi Arabia, SLB won the award for ‘Best in Overall iktva’ for services. The award was presented to SLB’s CEO Olivier Le Peuch at a ceremony held during the event, which ran from January 30 to February 2.
This was the 7th year for the iktva Forum and Exhibition, which brings together suppliers working with the Kingdom. The purpose of the iktva program is to drive domestic value creation supporting the rapid transformation of the Kingdom and fostering future prosperity by creating jobs for the Saudi population and stimulating diversification of the Kingdom’s economy.
“We are honored to receive this prestigious award and support local content in the Kingdom that drives economic growth and creates both a positive and sustainable impact for the community,” said SLB’s President for Middle East & North Africa Tarek Rizk. “We are committed to continue our alignment with the strategic goals of the Saudi Aramco iktva program, and the Kingdom’s 2030 vision.”
2022 localization initiatives
In February, SLB expanded its multi-technology manufacturing center located in King Salman Energy Park (SPARK) to include the production of Cameron valves and wellheads products. The manufacturing center, which was inaugurated in 2020, enables job creation as well as the development of a highly skilled manufacturing and supply chain workforce for energy products and services within the region.
On June 5, 2022—UN World Environment Day—SLB went live with its first solar project in Saudi Arabia covering all electricity consumption for the main administration building at the SLB Middle East Center of Reliability and Efficiency (MCRE) facility. With an output generation of 1000K KWh per year and a total of 1,450 panels, the project enabled the reduction of 600 metric ton of CO2 per year.
In September, SLB and Aramco announced plans to collaborate and develop a digital platform that will provide sustainability solutions for hard-to-abate industrial sectors. The proposed platform will enable companies in industries such as oil and gas, chemicals, utilities, cement and steel to collect, measure, report and verify their emissions, while also evaluating different decarbonization pathways.
What’s next
In 2023, SLB will work toward achieving several milestones to support economic growth in the Kingdom through expansion of manufacturing innovation and ecosystem development. SLB will also continue supporting the Kingdom in reaching its net zero target through various mechanisms, including carbon capture, utilization and storage (CCUS).