Aramco Korea hosted the Aramco Supplier Forum 2024, under the theme of “A Prosperous Partnership Toward Safe and Sustainable Growth”, on October 21 in Seoul, Korea. The forum, tailored for Korean suppliers and investors, aimed to showcase business opportunities with Aramco and strengthen relationships with local suppliers by sharing ideas and discussing collaboration for mutual business growth.
The event was attended by over 300 Korean companies, with 150 already registered with Aramco and another 150 identified as potential future partners. Government entities such as the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, and the Saudi Authority for Industrial Cities and Technology Zones also participated in the event and shared information regarding various investment support programs within the Kingdom of Saudi Arabia.
Aramco Korea played a key role in the successful organization of the forum, providing a platform for Korean suppliers to connect with Aramco and explore growth opportunities. Khalid A. Radi, Aramco Korea’s Acting Representative Director, noted: “This forum reflects our dedication to building lasting, prosperous partnerships with Korean companies. It goes beyond business, establishing a foundation for shared growth and understanding as we aim for a future defined by sustainability and innovation.”
Yahya A. Abushal, Senior Vice President of Upstream & Downstream Project Management at Aramco, during his keynote speech, emphasized the strength of Aramco’s business relationship with Korea.
He remarked, “Among our many global partners, Korean businesses have distinguished themselves for their exceptional performance on our most complex and ambitious projects. In recent years, we have begun several new collaborations all across the industrial space, from oil and gas, to manufacturing, to maritime, and many more. As we continue to grow our core business and expand the breadth of our portfolio, we expect that there will be additional opportunities for Korean suppliers and service providers.”
The forum featured presentations on various topics, capturing significant attention from participants. Among these was a presentation titled ‘Aramco Project Opportunities’, presented by Mansour S. Al-Shehri, Aramco’s Vice President of LTC Project Management. Additionally, the forum provided an overview of the “In-Kingdom Total Value Add” (IKTVA), Corporate Purchase Agreements (CPAs), and Supplier ESG programs.
The most relevant topics - supplier registration, qualification, and performance management - were also presented to encourage Korean suppliers to register with Aramco and contribute to its supplier chain. The existing Korean In-Kingdom investors shared their successful localization stories, which further inspired potential investors’ interest in In-Kingdom investment.
Notably, this year’s forum introduced the ‘Short Term Technical Assignment (STTA)’ program as a new collaborative opportunity for Aramco and its suppliers. STTA, Aramco’s new talent development initiative, offers internship opportunities for Aramco’s employees at selected local companies, supporting these companies’ business operations while enhancing their understanding of Aramco and Saudi Arabian culture through the assigned talents’ expertise.
A series of high-level business meetings followed the presentations, with major engineering, procurement and construction (EPC) contractors engaging in discussion on EPC project executions.