The value of products made in Saudi Arabia and supplied to Saudi Aramco reached $2.6bn in 2016 – the highest level of content achieved in the state-run oil company, according to its president and chief executive Amin Nasser.

Local manufacturing accounted for 43 per cent of Aramco’s procurement – an increase of 15 per cent over 2015 levels.

The company – which plans to list in 2018 estimates procurements worth about SR1 trillion ($267bn) over the next decade, with growing opportunities for local suppliers.

“We remain committed to procuring goods and services worth more than SR1 trillion over the next decade,” said Nasser.

Nasser was speaking at an event commemorating the oil firm’s launch of its localisation programme In-Kingdom Total Value Add (IKTVA).

The programme had been embedded in over SR60bn worth of contracts, said Nasser.

The localisation initiative aims to achieve 70 per cent localisation of all spending on goods and services, enabling export of 30 per cent of Saudi energy sector products by 2021.

“Vast opportunities are there for all our suppliers by ensuring that 70 percent of those riyals are adding value in the kingdom,” added Nasser.

Localisation within the Saudi economy reached 35 per cent in 2015 and is expected to reach 50 per cent by 2021, 59 per cent by 2025 and increase its share further to 70 per cent by 2030.