Ladies and Gentlemen, good morning.
Thank you, Clay, for inviting me to share your special day.
The opening of your state-of-the-art production facility here in Dammam 3rd Industrial City is a day we have all been looking forward to.
First, this is an important day for the Kingdom.
We are honored, Clay, that you chose Saudi Arabia as the location for NOV's second production facility. I believe it will be even bigger than your original facility in Houston.
It is certainly the first Reinforced Thermoplastic Pipe, or RTP, manufacturing facility in the Kingdom. And I have no doubt that it will soon become a tremendous hub for the GCC and MENA regions.
It is also an important validation of Saudi Vision 2030 and Saudi Aramco's localization program, iktva, which is helping to drive it. Bringing sophisticated technologies to the Kingdom is one component.
Being able to export high quality products with “Made in Saudi Arabia” on them will surely be another. And with 50% Saudization here already (on a path towards 90%), most of the work will be done by Saudis.
Above all, it confirms that the desire to locate here is growing; that it is getting easier to do business here; and that increased market share in a global energy hub is very likely to be the result.
Second, this is an important day for Saudi Aramco.
The oil market volatility of recent years has intensified our efforts on operational efficiency, cost avoidance, and reliability. We are also expanding in unconventional gas, petrochemicals, and retail.
Crucially, I believe there are even more innovative ways to monetize each barrel of oil using advanced oil-based materials, which is why we are examining new outlets for our products.
This includes our own pipelines, since non-metallic pipes address the long-standing challenges of ageing assets and corrosion.
More strategically, this could create additional markets for our crude, and enable potential opportunities for local manufacturers. That was the essential case behind our decision to become a global leader in Nonmetallic Applications.
And that is why we are incorporating nonmetallic solutions into our capital projects across our expanding operations, backed by billions of dollars of investment. We are also determined to partner with local and international suppliers, as well as research institutes, to accelerate their development and deployment in Saudi Aramco facilities.
Being able to efficiently and cost-effectively access key raw materials from our suppliers when we need them is a crucial part of our value proposition – and of course NOV's ikvta score.
So NOV's new facility ticks all the boxes for us at Saudi Aramco.
Which brings me to the third reason why this is a special day. It is a chance to say in public what we have been saying to NOV in private for some time.
As Clay will recall, we were honored to host NOV's Board in Dhahran last November. We wanted to thank them for the strong engagement and collaboration we have already built between our two great companies, which we have seen throughout this project. We also explored ways of making it even stronger, particularly by boosting your iktva score, with several exciting options on the table.
But the crucial point we made then (which I am happy to repeat now) is that NOV is not a reactive company that lets others carry the load. They are helping to bring the win-win nature of Vision 2030 and iktva to life, adding tremendous value to Saudi Aramco.
And I am sure this facility will inspire many more to follow their lead.
Ladies and Gentlemen, that is why today is such a special day… for the Kingdom, for Saudi Aramco, and for everyone at NOV.
I want to thank everyone who has made today possible, particularly our dear friends and partners at MODON and the Saudi Electricity Company. I wish this facility every good fortune in the months and years ahead.
And I know that all of us are just getting started…
Thank you.