Saudi Aramco held talks with Turkish contractors last week to discuss $50 billion of potential projects in the Gulf kingdom, Bloomberg has reported.
Representatives of the state-controlled oil firm met executives from about 80 construction companies in workshops in the capital Ankara on May 30 and 31 and are seeking to pre-qualify them for projects planned through 2025, Turkish Contractors’ Association (TMB) head Erdal Eren told the news service.
“Aramco wants to see as many Turkish contractors as possible in its projects… they are planning refinery, pipeline, management buildings and other infrastructure construction that will be worth $50 billion in investment,” Eren said.
The company, the world’s third-most valuable after Apple and Microsoft, will soon draw up a list of contractors that can participate in tenders for the projects, Eren said,adding that the two sides will meet again soon in Saudi Arabia.
President Recep Tayyip Erdoğan held meetings with King Salman and Crown Prince Mohammed Bin Salman in April last year, in his first visit to Saudi Arabia since 2017, in a bid to mend ties.
Türkiye and Saudi Arabia declared their determination to start a “new era of cooperation’’ during a visit by the crown visit in June 2022.
“As G-20 members, the parties acknowledge the great economic potential of the two countries and the potential of Saudi Arabia’s 2030 Vision for investment, trade, tourism, development, industry, mining, construction projects and transportation infrastructure, including contracting, ” said a joint statement released after the meeting between Erdoğan and the crown prince in Ankara.
Saudi Arabia is one of the major markets abroad for Turkish contractors.
Between 1972 and May 2023, Turkish construction companies were awarded $24.95 billion worth of projects in the kingdom, accounting for 5.2 percent of projects Turkish contractors assumed abroad over the past five decades.
According to data from the Trade Ministry, Turkish contractors undertook 11,745 projects worth a total of $479.5 billion in 133 countries.