Aramco signs 34 agreements worth $90bn with US firms to boost innovation, growth

15/05/2025 01:12 AST

Saudi energy giant Aramco signed 34 agreements and memorandums of understanding worth approximately $90 billion with major US companies, as it seeks to advance its long-term strategy and strengthen innovation.

Signed on the sidelines of the Saudi-US Investment Forum, the agreements span a wide array of sectors including liquefied natural gas, chemicals, and fuels, as well as artificial intelligence and emission-reduction technologies.

The forum was held on the occasion of the US President Donald Trump's state visit to the Kingdom.

In a statement, the energy company's president and CEO, Amin Nasser, said the announcements "show the breadth and depth of Aramco's long history of partnerships with US companies since the first discovery of oil in the Kingdom more than 90 years ago."

He added: "Our US-related activities have evolved over the decades, and now include multidisciplinary R&D, the Motiva refinery in Port Arthur, startup investments, potential collaborations in LNG, and ongoing procurement."

In the downstream sector, Aramco inked deals with Honeywell UOP and Motiva for technology licensing and an aromatics project at the Port Arthur refinery, respectively.

It also signed agreements with Afton Chemical to develop chemical fuel additives, and with ExxonMobil to evaluate a major upgrade to the SAMREF refinery, potentially transforming it into a world-class integrated petrochemical complex.

For upstream developments, Aramco's deals included a memorandum with Sempra Infrastructure linked to the Port Arthur LNG 2 project, a collaboration with Woodside Energy to explore global opportunities including lower-carbon ammonia, and a final agreement with NextDecade for the long-term purchase of 1.2 million tonnes per annum of LNG from the Rio Grande LNG Facility.

Technology and innovation were at the heart of several agreements. A strategic framework was signed with Amazon Web Services to cooperate on digital transformation and lower-carbon initiatives.

With NVIDIA, Aramco agreed to establish advanced industrial AI infrastructure, an AI Hub, and training programs. Qualcomm also signed an MoU with Aramco Digital to explore connectivity solutions using Aramco's 450 MHz 5G network.

Aramco's procurement arm reinforced its links with major US service and equipment providers, including SLB, Baker Hughes, Halliburton, and Emerson, while partnerships in asset management and finance were inked with PIMCO, State Street, and Wellington, as well as BlackRock, Goldman Sachs, and Morgan Stanley, among others.

Additional agreements included a plan with Guardian Glass to localize specialty glass manufacturing in the Kingdom.

These deals reflect Aramco's commitment to fostering industrial development, technological advancement, and long-term partnerships that align with its strategic vision and the Kingdom's broader economic diversification goals.

Arab News