Riyadh - Sharikat Mubasher: Aramco, one of the world’s leading integrated energy and chemicals companies, signed 34 memoranda of understanding (MoUs) and agreements totaling around $90 billion with major US companies, through its Aramco Group Companies.
The agreements cover partnerships spanning various activities, including Liquefied Natural Gas (LNG), fuels, chemicals, emission-reduction technologies, Artificial Intelligence (AI) and other digital solutions, manufacturing, asset management, short-term cash investments, and procurement of materials, equipment, and services, Aramco announced in a press release yesterday.
The deals aim to build on the longstanding relationship between Aramco and US companies, enhance shareholder value, and foster further collaboration and innovation in the energy sector and beyond.
Amin Nasser, President and CEO of Aramco, said: “Our US-related activities have evolved over the decades, and now include multi-disciplinary R&D, the Motiva refinery in Port Arthur, start-up investments, potential collaborations in LNG, and ongoing procurement. As Aramco pursues an ambitious value-driven growth strategy, we believe that aligning with world-class partners supports further development of our operations, strategic diversification of our portfolio, industrial innovation, and ongoing capability development within the Kingdom.”
Aramaco inked deals with Honeywell UOP, Motiva, Afton Chemical, ExxonMobil, Sempra Infrastructure, Woodside Energy, and NextDecade to enhance the downstream and upstream industries.
Other agreements included partnerships with Amazon, NVIDIA, and Qualcomm to boost digital transformation and foster innovation in the Kingdom and beyond.
Moreover, Aramco finalized Wisayah asset management agreements with PIMCO, State Street Corporation, and Wellington, in addition to agreements for short-term cash investments through a unified investment fund, the “Fund of One,” with BlackRock, Goldman Sachs, Morgan Stanley, and PIMCO.
