Aramco, the Saudi Arabian oil giant, has announced the signing of 34 memorandums of understanding (MOUs) and agreements with major US companies, potentially totalling around $90bn (SR337.5bn) in value.
These agreements, facilitated through Aramco Group Companies, span a diverse range of activities including AI, asset management, chemicals, digital solutions, emission-reduction technologies, fuels, liquefied natural gas (LNG), manufacturing and procurement.
The downstream agreements include a technology licensing MOU with Honeywell UOP for an aromatics project and a similar MOU with Motiva for a project in Port Arthur, pending a final investment decision.
Aramco has signed an MOU with Afton Chemical for the development and supply of chemical fuel additives and another with ExxonMobil to evaluate a major upgrade to the SAMREF refinery, transforming it into a leading petrochemical complex.
In the upstream sector, Aramco has secured an MOU with Sempra Infrastructure concerning an equity and offtake stake in Port Arthur LNG 2.
The company has also agreed to explore global opportunities with Woodside Energy, including equity interest and LNG offtake from the Louisiana LNG project, with potential collaboration on lower-carbon ammonia.
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By GlobalDataAdditionally, NextDecade has reached a final agreement with Aramco for the supply of 1.2 million tonnes per annum of LNG from the Rio Grande LNG facility’s Train 4, subject to specific conditions.
Aramco has also signed technical services MOUs that reflect the ongoing relationships with strategic US suppliers such as SLB, Baker Hughes and McDermott, providing materials and services for Aramco’s projects and operations.
Aramco president and CEO Amin H. Nasser said: “Yesterday’s 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.
“Our US-related activities have evolved over the decades, and now include multi-disciplinary R&D [research and development], 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.”
On the technology and innovation front, Aramco has entered into a non-binding strategic framework agreement with Amazon/AWS for digital transformation and lower-carbon initiatives.
Aramco has also signed agreements with NVIDIA, Qualcomm and Guardian Glass.
In finance, Aramco is collaborating with BlackRock, Goldman Sachs, Morgan Stanley, PIMCO, State Street Corporation and Wellington.
