Non-metallic & Chemicals Investment Opportunities November Saudi Aramco: Public

Transcription

1 Non-metallic & Chemicals Investment Opportunities November 2018

2 Disclaimer The next slides contain forward-looking statements regarding future events based on current expectations, estimates, forecasts, and projections. The data is subject to updating, revision, further verification and amendment without notice. No reliance may be placed for any purpose on the information or opinions contained in this presentation or any other document or statement, or on the completeness, accuracy or fairness of such information or opinions therein. No representation or warranty, express or implied, is made or given by or on behalf of Saudi Aramco or its employees, or any other person as to the accuracy or completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any of them for such information or opinions or for any errors, omissions, misstatements, negligent or otherwise, or for any communication written or otherwise, contained or referred to in this presentation.

3 Localization is a focus for the KSA Saudi Aramco s IKTVA program aims to achieve 70% local content by 2021 Drives domestic value creation by working with suppliers for mutual benefits Envisions to improve investment, and maximize long term economic growth and diversification Focuses on delivering quality jobs, advancing innovation and enhancing global competitiveness IKTVA is designed to reward Saudi Aramco s suppliers for the use and development of local labor and subsuppliers

4 Agenda Non-metallic Session Title Presenter Opening Salem Alghamdi, ID&SSD Value Proposition 1: GFRP Rebar Farah Alturkestani, ID&SSD Value Proposition 2: RTP Farah Alturkestani, ID&SSD Value Proposition 3: Carbon Fiber Deema Albassam, ID&SSD Value Proposition 4: Plastic Pallets Deema Albassam, ID&SSD

5 Agenda Chemicals Session Title Value Proposition 5: Xanthan Gum Investment Opportunity Value Proposition 6:Liquid Gilsonite Investment Opportunity Value Proposition 7: H2S Scavenger Presenter Mohammed Altwaijri, ID&SSD Mohammed Altwaijri, ID&SSD Abdullah Abahusain, EXPEC ARC Value Proposition 8: Proppants Khazisyed Ahmedjeelani, ID&SSD

6 Glass Fiber Reinforced Polymer (GFRP) Rebar

7 GFRP Rebar Manufacturing Represent an Attractive Opportunity Given The Current Gaps, Expected Demand and Localization Potential The opportunity The business case Establish multiple state of the art manufacturing facilities for GFRP Rebar to serve growing local and international demand Also opportunity exists to become raw material supplier for key ingredient such as Direct Roving Fiberglass 1. Current KSA demand is estimated at ~3,000 Tons per year 2. Forecasted ~24% annual growth in KSA demand derived by Saudi Aramco deployment strategy 3. Attractive cost base including low logistics, land, utilities, and labor costs Source: Saudi Aramco

8 GFRP Rebar Benefits Life Cycle Cost Installation Reliability Significant potential for cost savings due to reduced maintenance cost Light weight, easily cut machined, and transported Resistant to corrosion, which increases the life spam of concrete structure

9 Engineering Standards and Materials System Specification Saudi Aramco recently mandated the use of GFRP rebar for the non-critical applications and created engineering and material standards for the use of GFRP rebar Slab-on-grade Side Walks Drainage Channels Engineering Standard SAES-Q-001 Criteria for Design and Construction of Concrete Structures Pipe Sleepers Coastal Structures (Splash Zones) Sea Walls Materials System Specification 12-SAMSS-027 Fiber-Reinforced Polymer Bar Materials for Concrete Reinforcement

10 Million Tons Steel Rebar Demand in the Kingdom is Growing at a Rate of 3.5% Annually KSA and Saudi Aramco Steel Rebar Demand KSA Demand Steel rebar demand in the Kingdom is growing at a rate of 3.5% annually Saudi Aramco Demand Saudi Aramco s demand for steel makes up around 9% of the Kingdom s total steel demand Source: Saudi Aramco Internal Analysis 10

11 Thousand Tons GFRP rebar is to Replace 10% of Saudi Aramco s Total Steel Demand Saudi Aramco GFRP Deployment at Saudi Aramco GFRP rebar is qualified to replace 10% of Saudi Aramco s total steel demand % Deployment of GFRP is expected to start in 2019 and grow at a rate of 24% to reach 23,000 Tons by 2028 Wider adoption of GFRP rebar in the kingdom will increase the demand to potentially exceed thousand Tons annually. Source: Saudi Aramco Internal Analysis 11

12 Key Ingredients are Available Locally and in GCC region Value Chain Mapping Benzene or Butane Vinyl Ester GFRP Rebar Key raw material are available locally. Silica Sand Direct Roving Fiber Glass Potential exist to localize GFRP Rebar manufacturing. Localization Opportunity Available Locally Source: Saudi Aramco Internal Analysis 12

13 Value Chain Mapping Analysis Raw Material Intermediate Finished Products Transportation and Logistics After Sales & Design Services Limited potential for Potential exist for High potential exist to Potential exists to further High potential to localize the additional localization as manufacturing of direct establish multiple develop logistics and supply following areas: building blocks are produced locally roving fiber glass which is a key input in GFRP rebar manufacturing. Also there is a potential to localize VE. production lines for GFRP rebar to meet the growing demand in the local market. chain capabilities such as Long haul trucking Iso containers Loading and warehousing Design Research and development Customer support and services Installation support and services 13

14 Reinforced Thermoplastic Pipe (RTP)

15 Reinforced Thermoplastic Pipe Manufacturing Represent an Attractive Opportunity Given The Current Gaps, Expected Demand and Localization Potential The opportunity The business case Establish multiple state of the art manufacturing facilities for Reinforced Thermoplastic Pipe to serve growing local and international demand Also opportunity exist to become raw material supplier for key ingredient such as Direct Roving Fiberglass 1. Current KSA demand is estimated at ~1,000 KM per year 2. Forecasted ~11% annual growth in KSA demand derived 3. Attractive cost base including low logistics, land, utilities, and labor costs Source: Saudi Aramco

16 Reinforced Thermoplastic Pipes Provide the Following Benefits Life Cycle Cost Installation Reliability RTP provide a lifecycle cost saving of up to % due to resistance to corrosion and leakage prevention Faster installation time and requires less resources and manhours to install More reliable due to corrosion resistance and reduced number of connected joints

17 Kilometer Demand Forecast KSA and GCC RTP Demand The demand for RTP is expected to grow in KSA and the Middle East at a rate of 11% annually. Technology improvements will avail additional market for RTP in the Oil ad Gas industry KSA GCC Source: Saudi Aramco Internal Analysis 17

18 Reinforcement Material Fiber Glass Applications: Water, Oil and Gas Aramid Fiber Applications: Water, Oil and Gas Carbon Fiber Applications: Water, Oil and Gas Steel Applications: Water, Non-sour Oil 18

19 Value Chain Mapping Key ingredients are available locally and in GCC region. Polyethylene (PE) HDPE/PERT Key raw material are available locally. Quarts Direct Roving Fiber Glass Reinforced Thermoplastic Plastic (RTP) Potential exist to localize intermediates such as direct roving fiber glass and Epoxy EPOXY Opportunity to localize Available Locally 19

20 Value Chain Mapping Analysis Raw Material Intermediate Finished Products Transportation and Logistics Installation and After Sale Service Key Raw material used in RTP manufacturing such as PE and Nylon is already available in the Kingdom. Low localization potential to establish additional facilities. Potential exist in becoming a reliable supplier of special grades HDPE needed by RTP manufacturers locally and globally. Potential exists to localize direct roving fiber glass, which is a key ingredient used in RTP and RTR manufacturing. Also opportunity for other applications such as wind turbine As demand is increasing for RTP, there is an opportunity to establish world class manufacturing facility in the kingdom in proximity to both customers and key raw material suppliers. Potential exists to further develop logistics and supply chain capabilities such as: - long haul trucking -Loading and warehousing There are no local companies specialized in the installation and maintenance of non-metallic pipelines... There is a high localization opportunity to establish companies specialized in RTP installation. 20

21 Carbon Fiber

22 Carbon Fiber Manufacturing Represent an Attractive Opportunity Given The Current Gaps, Expected Demand and Localization Potential The opportunity The business case Establish multiple state of the art manufacturing facilities of Carbon Fiber to serve growing local and international demand 1. Global demand is expected to grow at 10% annually for the next 10 years 2. New applications are going to utilize Carbon Fiber including Oil and Gas Industry and Marine 3. Attractive cost base including low logistics, land, utilities, and labor costs

23 Carbon Fiber Applications Energy Electronics Infrastructure Transportation Sports Source: HIS Market Report

24 Tonns Carbon Fiber Applications 60,000 50,000 40,000 30,000 20,000 10, Carbon Fiber applications are expected to expand to new sectors in the coming few years - Application Source: Clean Energy Manufacturing Analysis Center Report

25 Tons Carbon Fiber Demand Forecast 300,000 Carbon Fiber Global Demand 267, , , , , , ,000 83, , , , , , , , ,050 91,673 Carbon Fiber global demand is expected to grow at a rate of 10% annually 50, Source: Clean Energy Manufacturing Analysis Center Report

26 Value Chain Mapping Ammonia Naphtha Propylene Acrylonitrile (ACN) Pretreatment Oxidation LT Carbonization Polyacrylonitrile (PAN) Part Manufacturing Intermediate Processing HT Carbonization Surface Treatment Sizing Carbon Fiber Opportunity to localize Available Locally Winidng

27 Value Chain Mapping Analysis Acrylonitrile (ACN) Carbon Fiber (CF) Manufacturing Intermediate Parts Manufacturing Opportunity exist in establishing world-class acrylonitrile manufacturing plant to serve increasing global demand Leverage advantaged propylene feedstock from refinery/ crackers to lower cost Currently, Acrylonitrile is not produced locally Establish multiple CF manufacturing facilities to supply local and regional growing demand. There are different manufacturing processes for Carbon Fiber Reinforced Plastics (CFRP) parts manufacturing. Trends shows opportunities exist in the following manufacturing Processes: Resin Transfer Molding (RTM) 3D Printing Other technologies Potential applications include: Automotive parts Construction applications such as repairing stressed structures, rebars, cladding, and bridge construction Oil and gas applications such as pressure vessel, offshore platforms, and piping

28 Plastic Pallets

29 Plastic Pallets Manufacturing Represent an Attractive Opportunity Given The Current Gaps, Expected Demand and Localization Potential The opportunity The business case Establish multiple state of the art manufacturing facilities for Plastic Pallets to serve growing local and international demand 1. Current KSA demand is estimated at ~300,000 Pallets per year 2. Forecasted ~4.4% annual growth in KSA demand derived by Saudi Aramco Deployment strategy 3. Attractive cost base including low logistics, land, utilities, and labor costs

30 Plastic Pallets Applications Storing Chemical products (spill pallet) Industrial parts (blind flange, valves) Logistics Warehousing: Transportation (heavy duty) Airfreight shipping (light duty) Pharmaceutical Industries FDA have strict polices Sustain the required conditions for sanitary. Source: WeePallet Website Food & Beverages Convenient to sterilize and clean Products Display Less effort with lifting the products. Dimensionally stable for holding the product for a extensive period of time. 30

31 Plastic Pallets Globally +61% 76.1 Corrugated Paper 2% Metal 2% Plastic 5% 7.4% Plastic % Metal Wood 91% 4.7% Wood 3.8% Corrugated Paper Pallet market size in $ Bn Pallet market size (in quantity sold) and structure in 2015 Segment Growth 1 Plastic has the highest segment potential growth. Source: Persistence Market Research, Technavio, BCG analysis

32 Plastic Pallets Benefits Key Advantages Longevity More than 10 year life span (3-5 years) Durability Withstand different weather conditions, rot, chemicals Sanitation Easily cleaned and are less prone to contamination Better logistics integration Compatible with automated handling systems Safer No screws, nails or splinters that

33 Pallets/year Plastic Pallets Demand Forecast Demand Forecast in Saudi Aramco 200, , , , , ,000 80,000 60, % 71,662 61,440 52,030 43,376 35,428 28,139 21,464 4,715 15,360 9, ,559111, ,729111, ,977111, ,102110, ,872107,165 Plastic Wood The demand on plastic pallets is expected to grow in the upcoming years in Saudi Aramco Saudi Aramco is targeting to replace 40% of the wooden pallets with plastic pallets 40,000 20, Source: Saudi Aramco Internal Analysis 33

34 Pallets/year Plastic Pallets Demand Forecast 900,000 Saudi Arabia vs. GCC Demand Forecast 800, , , , , , , , , % 294, , , , , , , , , , , , , , , , , ,452 GCC Saudi Arabia The demand on plastic pallets is expected to grow in the upcoming years in SA 100, Source: Saudi Aramco Internal Analysis, Takween Report 34

35 Value Chain Mapping Analysis Raw Material Pallets Manufacturing Transportation and Logistics Raw materials that are required for plastic pallets e.g. polypropylene, and HDPE resin are both available locally. Opportunity exist in supplying the material to pallet manufacturer locally and globally High potential to localize high quality pallet manufacturer and supply it to end users Injection Molding Compression Molding Thermoforming Potential exists to further develop logistics and supply chain capabilities such as storing, loading, and inside warehousing 35

36 Please Direct All Inquiries To: In case you are interested in discussing this opportunity further, please contact Key messages Non-metallic sector is offering wide range of attractive investments in the kingdom due to availability of key raw materials, competitive energy prices and future growth prospect. Investments include GFRP rebar, Carbon Fiber, Plastic Pallets and Reinfroced thermoplastic pipes Farah Alturkestani Nonmetallic Group Saudi Aramco Deema Albassam Nonmetallic Group Saudi Aramco

37 Xanthan Gum Investment Opportunity November 2018

38 Xanthan Gum Manufacturing Represent an Attractive Opportunity Given the current gaps, expected demand and localization potential The opportunity The business case Potential exists to establish multiple production facilities in the kingdom for Xanthan Gum manufacturing 1. Global demand is expected to grow at 3% annually for the next 10 years 2. Wider market for Food & Beverages, oil & gas etc.. 3. Attractive cost base including low logistics, land, utilities, and labor costs

39 Xanthan Gum Global Applications Others, 6% Cosmetics, 2% Oil & Gas, 16% Majority of the demand Pharmaceutical, 4% comes from Food and Beverage industries with 71% of global demand Food and Beveragres, 71% Oil and Gas Sector comes 2 nd with 16% of the demand. Global demand is 167 thousands tons Source: Saudi Aramco Internal Analysis 39

40 Thousand Tons Xanthan Gum Global demand % Global demand is expected to grow at 3% annually and will reach 224 thousands tons by Source: Saudi Aramco Internal Analysis 40

41 Tons Xanthan Gum KSA demand 2,600 2,400 2,200 2,000 1,800 1,600 1,670 1,720 1,772 1,825 1,880 3% 1,936 1,994 2,054 2,116 2,179 2,244 KSA demand is expected to grow at 3% annually as well and will reach 2,244 tons by ,400 1, Source: Saudi Aramco Internal Analysis 41

42 Value Chain Process Mapping for Xanthan Gum Fermentation Pasteurization Precipitation Separation Packaging Milling Drying 42

43 Value Chain Mapping Analysis for Xanthan Gum Several gaps across the value chain of Xanthan Gum provide multiple opportunities to support chemicals production localization Raw Material Intermediate Finished Products Transportation and Logistics After Sales Services Low localization potential for Crop sources (Wheat) There is a potential to localize some intermediate processes such as: Glucose syrup Ammonium or Nitrate salts Protein Isopropyl alcohol High localization potential exists for Xanthan gum Potential exists for Transportation and Logistics Services After sales services to maintain quality as per specifications 43

44 Liquid Gilsonite Investment Opportunity November 2018

45 Liquid Gilsonite Manufacturing Represent an Attractive Opportunity Given the current gaps, expected demand and localization potential The opportunity The business case Potential exists to establish multiple production facilities in the kingdom for Liquid Gilsonite manufacturing 1. KSA demand is expected to grow at 6% annually for the next 10 years 2. Attractive cost base including low logistics, land, utilities, and labor costs

46 Value Chain Process Mapping for Liquid Gilsonite Raw Material Transportation Sorting Processing Blending Liquid Gilsonite Gilsonite (as a mineral) Ethoxylated glycol Potassium hydroxide Transportation and logistics process It is a process to remove any large size objects It is a process to size the mineral and prepare for blending Add various chemicals and Glisonite mineral to produce final product Final Product

47 Drilling Muds are an important drilling and completion chemicals category, accounting for ~57% of the Middle East market Drilling & Completion Chemicals Market Breakdown Global Market segmentation Middle East Market segmentation 30% 19% 10% 30% 11% At a global level, drilling fluids command lower market share due to very high usage of fracturing chemicals in North American shale production 15% 21% 2% 5% 57% Contribution of drilling chemicals to total spend in Middle East is higher than global due to higher prevalence of conventional production Drilling fluids Acidizing Proppants Drilling fluids Fracturing excl. proppants Cementing &workover Fracturing excl. proppants Cementing & workover Proppants Acidizing Source: Saudi Aramco Internal Analysis, Report: Specialty Chemicals Update program

48 Metric Tons Liquid Gilsonite KSA demand 4,793 5,080 5,385 5,708 6,051 6% 6,414 6,798 7,206 7,639 8,097 8,583 KSA demand will grow at 6 % and will reach 8,583 tons by Source: Saudi Aramco Internal Analysis

49 Value Chain Mapping Analysis for Liquid Gilsonite Several gaps across the value chain of Liquid Gilsonite provide multiple opportunities to support chemicals production localization Raw Material Formulation and Packaging Maintenance, Testing and Certification Technical Assistance No existing producers to produce: Liquid Glisonite Local players : No manufacturers of Liquid Gilsonite for Drilling & completion No dedicated facilities in KSA for inspection, testing and certification of liquid Gilsonite No advanced maintenance providers with experience in Liquid Gilsonite formulation and blending equipment present in KSA Limited after sales support and/or technical assistance initiatives by either Liquid Gilsonite manufacturers and/or 3 rd party players

50 H2S Scavenger Investment Opportunity November 2018

51 Several opportunities, across manufacturing and services, exist for H2S Scavangers The opportunity The business case Potential exist to establish multiple production facilities in the kingdom for Additives Manufacturing 1. Saudi Aramco demand is expected to grow at 6% annually for the next 10 years 2. Attractive cost base including low logistics, land, utilities, and labor costs

52 Additives (H2S Scavenger) have wide application across drilling and completion, production and finished products Additives for drilling and completion chemicals The main products in the segment include Starches Powders and sands H2S Scavenger Mud thinners Liquid chemicals (polyamines etc.) Additives to ensure smooth production and transport The main formulated products in the segment include Pipeline drag reducers, Anti-icing agents Sulphur mitigating additives Additives to enhance properties of finished products Gasoline (ethanol, octane boosters, deposit control, fluidizers etc.) Diesel (deposit control additives, cold flow improvers, lubricity improvers etc.) Aviation fuel (octane boosters, antiicing additives, lubricity and conductivity improvers ) This value proposition will focus on additives for drilling & Completions

53 Metric MM Ton Tons H2S Scavenger Global demand is growing at 3% annually 3% 220, , , , , , , , , , ,650 Global demand is growing at 3% annually and will reach 296K Metric tons by Source: Saudi Aramco Internal Analysis

54 Metric MM Ton Tons H2S Scavenger Saudi Aramco demand is growing at 6% annually 4,864 5,156 5,465 5,793 6,140 6% 6,509 6,899 7,313 7,752 8,217 8,710 Saudi Aramco demand is growing at 6% annually and will reach 8K Metric tons by Source: Saudi Aramco Internal Analysis

55 Several opportunities, across manufacturing and services, exist for Additives ( H2S Scavenger) H2S Scavneger and logistics value chain Supplier Loading Key features H2S Scavenger can be stored in drums, with a capacity of ~13,000L, or in iso-tanks, with a capacity of ~24,000L SME opportunities Offer customized on-site logistics Supplying iso-containers, conveyer belts, and drums Drive loading operations Transporting H2S Scavenger can be transported in one of two ways: Tank, drum, or iso-tank storage and transported on cargo trailers, van trailers or flatbed trailers Pumping stations along a pipeline Enhance value offering via reduced turnaround times Transport corrosion inhibitors via tank, drums, or iso-tanks Provide pipelines for the transportation of corrosion inhibitors Terminal operations & storage Pumping, monitoring, and measuring equipment required to ensure smooth operations To control liquid flow and output to the storage tanks or the well site, different pressure pumps are used To manage high volume of H2S Scavenger transfer, manifold trailers are used Offer state of the art monitoring and measuring systems Supplying advanced storage facilities such as tanks and drums Saudi Aramco currently manages its own logistics and transport and is willing to consider credible 3PL to provide additional services

56 Several gaps across the value chain provide multiple opportunities to support additives production localization Chemical Synthesis Formulation and Packaging Maintenance, Testing and Certification Technical Assistance Number of key molecules already available in KSA i.e Monoethanolamine Di-butlyamine Paraformaldehyde No existing producers of synthesis compounds necessary to produce: H2S Scavenger and other main additives Local players : No manufacturers of additives for Drilling & completion fluids There is opportunity for packing of these chemicals No dedicated facilities in KSA for inspection, testing and certification of additives No advanced maintenance providers with experience in additives formulation and blending equipment present in KSA Limited after sales support and/or technical assistance initiatives by either additive manufacturers and/or 3 rd party players

57 Proppants Investment Opportunity November 2018

58 Several opportunities, across manufacturing and services, exist for proppants The opportunity The business case Potential exist to establish multiple production facilities in the kingdom for Proppants Processing 1. Global demand is expected to grow at 6% annually for the next 10 years 2. Attractive cost base including low logistics, land, utilities, and labor costs

59 Proppants account for ~9% of a large Middle Eastern drilling and completion chemicals market 2017 Drilling & Completion Chemicals Market Breakdown Global market segmentation Middle East Market segmentation 30% 19% 10% 30% 11% Over 90% of proppants are consumed in the Americas due to significantly higher fracking activity 2% 15% 21% 9% 53% Proppants have lower ME demand compared to global due to lower frackingthis is expected to change with increases in unconventional production Drilling fluids Fracturing excl. proppants Drilling fluids Acidizing Proppants Cementing &workover Proppants Cementing Fracturing excl. proppants Acidizing Source: Saudi Aramco Internal Analysis, Report: Specialty Chemicals Update program

60 Volume ( 000 MT) In the Middle East, Proppants demand is expected to grow at a CAGR of 6% 2,500 2,300 ME Proppants expected market size evolution ( ) 2,100 1,900 1,700 1,500 1,300 1,100 1,268 1,342 1,419 1,501 6% 1,588 1,679 1,776 1,883 1,996 2,116 2,243 Middle Eastern demand is growing at 6% annually and will reach 2.2 MM tons by Value ($ MM) Source: Saudi Aramco Internal Analysis

61 Volume ( 000 MT) Proppants demand in KSA is expected to grow at a rapid CAGR of 6% till 2029 as unconventional production increases KSA Proppants demand market size ( ) ,088 1,178 1,230 6 % 1,268 1,350 1,425 1,515 1,605 1,703 KSA demand is growing at 6% annually and will reach 1.7 MM tons by Value ($ MM) Source: Saudi Aramco Internal Analysis

62 Our goal is to optimize the total value delivered through fracking Logistics Chain for Proppant Supplier / Port Transloads Drilling 1 2 (close to field) 3 Operations pad 4 Description 1. Long-haul Transportation Proppant is transported by flatbed truck or rail cars (if available and cost effective) 2. Transloading 3. Trucking to well 4. Fracking operations Proppant is stored and/or transloaded to sand tankers for delivery to wells Proppant is constantly delivered to well and offloaded at the rate of 4 5 trucks/hour Proppant is conveyed from temporary storage to the operation Smart Sand / Canadian Pacific unit trains US Silica high-velocity transloading facility 12 Solaris mobile silos, 2500 ton capacity Sand king Typically managed by Proppant Manufacturer Typically managed by OFS

63 Several gaps exist across the Proppants value chain presenting opportunities for localization Mining Processing and Formulation Transportation and Supply Chain Fracking Operation Raw minerals required for proppants e.g. silica, alumina are readily available in KSA Limited processing of raw materials into products such as resin coated sand and sintered bauxite Very nascent market in KSA, with limited blending and formulation facilities Potential exists to further develop logistics and supply chain capabilities such as -Long haul trucking -Trucking to well -Loading and storage Will typically be done directly by the OFS- staff and equipment will be from outside KSA. Potential to develop technical training institutes to develop local talent (e.g., Saudi Aramco drilling academy)

64 Please direct all inquiries to Key messages In case you are interested in discussing this opportunity further, please contact Potential exists to establish multiple production facilities in the kingdom for manufacturing of: Xanthan Gum Liquid Gilsonite Khazisyed Ahmedjeelani Industrial Development Saudi Aramco H2S Scavenger Proppants Mohammed Altwaijri Industrial Development Saudi Aramco 64

65 Thank you