Aramco signs MoUs with int’l firms to promote SDGs, AI

30 / 10 / 2019

By Marwa Zein

Saudi Aramco signed seven memorandums of understanding (MoUs) with international companies to promote sustainability, green environment and artificial intelligence (AI) in addition to creating jobs, boosting economy and developing technology.

Aramco announced its intention to establish the Jazan Power Joint Venture. The JV will be 46% owned by Air Products, 25% by ACWA Power, 20% by Saudi Aramco and 9% by Air Products Qudra. In addition, the company signed seven MoUs at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.

Senior Vice President of Technical Services, Ahmad A. Al Sa’adi, reaffirmed the Company’s position, saying: “Saudi Aramco aims to promote business investment opportunities through technology across the Kingdom’s energy services sector ecosystem. The agreements signed today support the Kingdom’s plans to develop industrial zones, create jobs and attract foreign direct investment, as well as drive economic diversification.“

The MoUs represent new collaborations with companies from six countries. These include France, Norway, New Zealand, South Korea, Spain and the United States. The MoUs are intended to support Saudi Aramco’s operations and Saudi Arabia’s economic diversification strategy by increasing the efficiency of technology used in upstream, downstream and engineering services. In the long term, these agreements aim to help improve sustainability and technological efficiency throughout the value chain.

The MOUs and commercial collaborations signed include a memo with Air Products Qudra; a non-binding MoU between Saudi Aramco and APQ to discuss the establishment of an Industrial Gases Joint Venture.

Also, Aramco signed a memo with Aker ASA to collaborate on the 4th Industrial Revolution addressing sustainability and green environment.

Under a memo, Aramco and Dassault Systems will work on advanced materials and 4IR technologies.

Aramco and Baker Hughes also inked a memo to collaborate on artificial intelligence and digital transformation.

Aramco and BMT Co., Ltd. also signed a collaboration MoU to invest in fittings and valves manufacturing facilities in the Saudi Kingdom.

The company also signed a memo with Tubacex Group to invest in pipe weld overlay and cladding services manufacturing facilities in the Kingdom.

Aramco also inked a memo with Pultron Composites to invest in non-metallic Glass Fiber Reinforced Pipes (GFRP) manufacturing facilities in the Kingdom.