Creating new perspectives since 2009

Saudi Aramco meets with Turkish firms for $50bn contract

June 2, 2023 at 6:52 pm

This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023 [FAYEZ NURELDINE/AFP via Getty Images]

Saudi Aramco met with a large group of Turkish contractors this week to discuss $50 billion of potential projects in the Gulf Kingdom, Bloomberg reports.

According to the report, representatives of the state-controlled oil firm met executives from about 80 building companies in workshops in the Turkish capital, Ankara.

“Aramco wants to see as many Turkish contractors as possible in its projects,” Erdal Eren, head of the Turkish Contractors Association, said.

“They are planning refinery, pipeline, management buildings and other infrastructure construction that will be worth $50 billion in investment,” he added.

The company, the world’s third-most valuable after Apple Inc and Microsoft Corp, will soon draw up a list of contractors who can participate in tenders for the projects, he said, adding that the two sides will meet again soon in Saudi Arabia.

“This is a lifeline for Turkish contractors, who’ve suffered a lot and lost business from the war between Russia and Ukraine,” Eren said.

“Turkish government-backed investment projects have also been on the wane in recent years, especially after the earthquakes,” he said, referring to the February temblors that killed more than 50,000 people in Turkiye.

READ: Saudi Aramco overtakes Microsoft to become world’s second largest company