By Pierre Bertrand

Saudi Arabian Oil Co. said that it has signed $6 billion worth of procurement agreements with suppliers in Saudi Arabia.

The Saudi oil and gas company, known as Aramco, said Tuesday that it signed 40 such agreements to fortify the company's domestic supply chain and reliability.

The agreements relate to the supply of a range of products, including instrumentation and electrical and drilling equipment, Aramco said.

The agreements will also help contribute to the development of the Middle Eastern Kingdom's energy-services sector, Aramco said.

It added that it also signed two memorandums of understanding with strategic partners to work on localization and supply-chain development.

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(END) Dow Jones Newswires

02-27-24 0928ET