Press Release
Sumitomo Electric Participates in IKTVA Forum 2016 Hosted by Saudi Arabian Oil Company
December 28, 2016
Sumitomo Electric Industries, Ltd.
*This press release was originally published in Japanese on December 27, 2016.
Sumitomo Electric Industries, Ltd. and its subsidiary, J-Power Systems Saudi Co., Ltd. (JPS Saudi) participated in IKTVA Forum 2016 hosted by Saudi Arabian Oil Company (Saudi Aramco).
Saudi Aramco launches the IKTVA (In Kingdom Total Value Add) program which is designed to innovate long-term corporate values by promoting the development of local contents, establishment of local supply chains and creation of quality employment opportunities for the Saudi workforce, all in line with Saudi Vision 2030* promoted by the government of Saudi Arabia.
Sumitomo Electric and JPS Saudi were invited to the forum as Saudi Aramco's strategic partner contributing to "Saudization" and "Localization" through the operation of their local factory in Kingdom. In this forum, a signing ceremony for the long term supply agreement (LTA) of submarine power cable concluded in October 2016 was held as a part of program with attendance of HRH Prince Saud Bin Nayef, Amir of Eastern ProvinceH.E. Khalid Al-Falih, Minister of Energy, Industry & Mineral Resources, and Mr. Amin Nasser, president & CEO of Saudi Aramco.
Through the business operation of JPS Saudi, Sumitomo Electric contributes to the IKTVA program by developing the strategic win-win relationship with Saudi Aramco to new heights.
Signing Ceremony
JPS Saudi
Signing Ceremony
| Date | December 14, 2016 |
|---|---|
| Location | Saudi Aramco Dammam Office Building |
| Attendees | HRH Prince Saud Bin Nayef (Amir of Eastern Province) H.E. Khalid Al-Falih (Minister of Energy, Industry & Mineral Resources) Mr. Amin Nasser (President & CEO of Saudi Aramco) Mr. Abdulaziz A. Al-AbdulKarim (Vice President Procurement & SCM) Mr. Yasuyuki Shibata (Executive Officer of Sumitomo Electric) Mr. Kazuhira Harada (President of JPS Saudi) |
JPS Saudi Profile
| Name | J-Power Systems Saudi Co., Ltd. |
|---|---|
| Foundation | 2009 |
| Capital | SAR 62.5 Million |
| President | Kazuhira Harada |
* "Saudi Vision 2030" is an economic plan of Saudi Arabia for next 15 years (up to year 2030) aiming at sustainable growth with diversification of economy, creation of job and invitation of investment opportunity.
Press release on November 16, 2016
J-Power Systems Saudi Concludes Long Term Supply Agreement with Saudi Arabian Oil Company for Submarine Power Cables
