Saudi Arabian oil company Aramco has entered into an MOU with King Abdullah University of Science and Technology (KAUST).
Over the next ten years, Aramco plans to fund $100m (Sr375.47m) in a research and development (R&D) project with KAUST.
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Aramco’s funding has been allocated to various initiatives including critical research and practical technologies.
The collaboration will focus on energy transition, sustainability, materials innovation, upstream technologies and digital solutions, with a strong emphasis on achieving commercially viable results.
Within the energy transition field, key areas of focus include liquids-to-chemicals conversion, future refineries research and the development of low-carbon aviation fuels.
Sustainability research will cover hydrogen, carbon capture and storage, renewable energy and energy storage solutions.
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By GlobalDataAdditionally, future projects are expected to explore advanced carbon materials and geothermal energy, among other areas.
Aramco president & CEO Amin Nasser said: “This collaboration will further deepen Aramco’s relationship with KAUST and we look forward to exploring new possibilities and frontiers with a strong focus on R&D and technology development, reflecting our firm belief in the importance of innovation across industries and applications.”
KAUST president Tony Chan said: “The partnership exemplifies KAUST’s dedication to fostering impactful research that drives technological advancements and addresses real-world challenges.
“Our collaboration with Aramco will leverage our combined expertise to develop innovative solutions for a sustainable future.”
Last week, Aramco agreed to acquire an extra 22.5% stake in Rabigh Refining and Petrochemical (Petro Rabigh) on the west coast of Saudi Arabia for $702m.
The oil company is buying additional stake from Japan’s Sumitomo Chemical.
Upon completion of the transaction, Aramco will hold a 60% majority stake in Petro Rabigh, while Sumitomo will retain a 15% share.
Petro Rabigh has faced significant financial difficulties, accumulating losses of $2.36bn by the end of June, which amounts to more than 53% of its share capital.
According to Saudi law, if a joint-stock company’s losses exceed half of its issued capital, it is required to propose a plan to address these losses within 60 days.
