The Saudi Arabian Oil Company (Aramco) announced on Monday the signing of 50 new deals with local and international companies in a bid to improve the resilience of its supply chain.

The deals, signed at the 6th edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition organized by Aramco, cover partnership on climate leadership and digitalization with U.S.-based oilfield services company Schlumberger, and carbon fiber investment collaboration with Alfanar company engaged in manufacturing electrical construction products.

Progress in the Aramco's sustainable business development is also showcased at the forum, which runs from January 24 to 26 in the eastern coastal city of Dhahran.

Aramco's strategic IKTVA program aims to drive domestic value creation, maximize long-term economic growth and diversification, and build a world-class supply chain that facilitates the development of a diverse, sustainable and globally competitive energy sector in Saudi Arabia, at a time when global supply chains have been disrupted by the COVID-19 pandemic.

The program, which has attracted more than 540 investments to Saudi Arabia from 35 countries, has helped establish a competitive industrial base, resulting in exports to more than 40 countries, according to Aramco.