HFI ramps up Saudi Arabia Ventures Initiative (SAVI) for 2022

3

Oct

2021

HFI ramps up Saudi Arabia Ventures Initiative (SAVI) for 2022

Hugh Fraser International (HFI) has upgraded its Saudi Arabia Ventures Initiative (SAVI), following Saudi Aramco’s announcement in August that annual profits had increased by over 300% to U$25.5 billion.

With the 2022 budgets now in sight, SAVI 2022 - which is focussed on local partner contracts, 100% foreign ownership ventures and joint venture companies - will take on board lessons learned over the course of client ventures in the Kingdom over the last three years, especially in relation to taxation, IKTVA/localisation and the impact of restructuring and new automated systems at the key government Ministries.

The Kingdom will be a major petroleum producer for many decades to come but is embracing new technologies to maximise decarbonisation of the industry, including carbon capture and blue hydrogen. These opportunities were highlighted at the recent SPE Annual Technical Conference & Exhibition (ATCE) 2021 and Gastech 2021 events and will feature again at the next International Petroleum Technology Conference (IPTC) which is being held in Saudi Arabia in February 2022.