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  • Steve Halor

Amin Nasser discusses Baosteel-Aramco-PIF JV steel plate signing ceremony

In a significant development, an agreement was reached today to establish the Kingdom's inaugural integrated steel plate manufacturing complex. This landmark deal serves to reinforce the already strong bonds between esteemed partners, companies, and nations.

In the recently unveiled Special Economic Zone in Ras Al Khaimah, a remarkable facility is set to emerge. This facility will serve as a convergence point for Aramco's extensive energy and industrial services supply chain network, the prestigious investment fund of the Public Investment Fund (PIF), and the cutting-edge technological expertise and know-how of Baosteel.

Thanks to the unwavering support from the government, particularly through the Shareek program and the Ministry of Investment, we have successfully forged a formidable and robust alliance. With their unwavering support, we were able to triumph over numerous obstacles, ultimately clearing the path for the momentous agreement we are on the verge of signing today.

The user expressed gratitude towards the Ministry of Energy and the Ministry of Industry and Mineral Resources for their unwavering and extensive support.

The project stands as a testament to the transformative power of Vision 2030 and its associated programs in reshaping Saudi Arabia's business ecosystem, further enhancing its appeal as a lucrative destination for both local and international investors.

In addition, I would like to extend my sincere gratitude to Chairman Chen and President Hu of the China Baowu Group for their unwavering support in bringing this endeavor to fruition. In a significant development, this project marks yet another crucial milestone in fortifying our alliance with our esteemed counterparts in China.

In a remarkable evolution, the relationship between two nations has transcended the mere exchange of crude oil and blossomed into a multifaceted alliance characterized by extensive diversification and strategic collaboration.

In a remarkable display of international collaboration, today witnessed a momentous joint venture ceremony between Aramco and China, underscoring the undeniable evidence of their substantial investments. Notably, esteemed partners such as Baosteel have also acknowledged the irresistible allure of Saudi Arabia's investment prospects.

The user expressed satisfaction with the joint venture, highlighting its facilitation under Aramco's Industrial Investment Program, known as "Namaat. This program plays a crucial role in promoting diversification and localization within the Kingdom.

In a significant development, the joint venture between Aramco and [company name] is poised to make a valuable contribution to Aramco's IKTVA localization program. Notably, the products produced by this collaboration will bear the prestigious label Saudi Made," further bolstering the program's objectives.

In a significant development, it has been projected that the upcoming venture will contribute to the creation of around 1,800 jobs, both direct and indirect. Notably, the project aims to achieve an impressive 80 percent Saudization rate, emphasizing the prioritization of local employment. Once it reaches full operational capacity, this project is expected to replace annual imports that are valued at over $1.3 billion.

In a project that transcends mere local demand, in the foreseeable future, there are plans for it to expand its reach and tap into international markets.

In a groundbreaking development, the opening of this manufacturing facility is set to pave the way for a future of steel production that boasts substantially reduced carbon emissions.

In a groundbreaking move, the facility has strategically embraced cutting-edge technologies to ensure its readiness for hydrogen integration. This visionary approach aims to revolutionize steel plate production, ultimately resulting in a remarkable reduction of up to 90 percent in CO2 emissions compared to conventional manufacturing methods.

In the realm of hard-to-abate sectors, this facility has the potential to serve as a guiding light towards achieving sustainability.

In a remarkable display of resilience akin to the enduring strength of steel, a groundbreaking partnership has emerged today. Baosteel, the esteemed steel manufacturer, has joined forces with the Public Investment Fund and Aramco, the renowned energy giant. This joint venture, poised to withstand the test of time, holds immense promise for the future.

In a show of gratitude, the user expressed their thanks.

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