EIG Global Energy Partners and Saudi Aramco have agreed to work together on future energy projects.

According to the memorandum of understanding (MoU), the two parties will explore opportunities to invest in projects that focus on advancing shared sustainability goals.

The firms will also invest in new and existing technologies related to alternative fuels, carbon capture, hydrogen and natural gas, transportation, and energy storage.

EIG chairman and CEO Blair Thomas said EIG is committed to balancing the twin goals of reliability and decarbonisation.

Thomas said: “As part of this effort, we are thrilled to have the opportunity to work with an industry leader as relevant as Aramco on the pathway to decarbonising the energy sector.

“We are fortunate to be an existing partner with Aramco on critical infrastructure in the energy complex and we look forward to building on that partnership as it relates to the future path of our industry.”

EIG ESG director Emily Rodgers said the MoU with Aramco comprises one of many important steps in the global effort to address climate change and intends to improve the affordable and reliable clean energy solutions to the world.

Aramco Corporate Development senior vice-president Abdulaziz Al Gudaimi said: “This MoU further strengthens our relationship with EIG and has potential to drive new investment towards low emission energy solutions, which both support economic growth and contribute to the broader energy transition.”

The MoU follows the completion of a $12.4bn infrastructure investment deal signed between Aramco and an EIG-led international consortium.