Aramco announced the signing of 34 Memoranda of Understanding (MoUs) and agreements, with a potential total value of approximately $90 billion, with major U.S. companies, through its Aramco Group Companies. The agreements were signed during U.S. President Donald Trump’s visit to Saudi Arabia as part of his Gulf tour.
“Yesterday’s announcements show the breadth and depth of Aramco’s long history of partnerships with U.S. companies since the first discovery of oil in the Kingdom more than 90 years ago. Our U.S.-related activities have evolved over the decades, and now include multi-disciplinary R&D, the Motiva refinery in Port Arthur, start-up investments, potential collaborations in LNG, and ongoing procurement,” stated Amin H. Nasser, Aramco President & CEO.
Agreements cover key sectors
The agreements cover collaborations and partnerships relating to a range of Aramco’s activities, including Liquefied Natural Gas (LNG), fuels, chemicals, emission-reduction technologies, and Artificial Intelligence (AI). They also include digital solutions, manufacturing, asset management, short-term cash investments and procurement of materials, equipment and services.
Among the key companies Aramco partnered with are Honeywell UOP, Motiva, Afton Chemical, ExxonMobil, Sempra Infrastructure, Woodside Energy and NextDecade. In technology and innovation, the oil giant also inked agreements with Amazon/AWS, NVIDIA and Qualcomm.
Aramco’s agreements with major U.S. companies aim to build on the longstanding relationship between the global giants, enhance shareholder value and foster further collaboration and innovation in the energy sector and beyond.
“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,” added Nasser.
Read: Trump secures $600 billion investment commitment in Saudi Arabia, says White House
Saudi-U.S. energy cooperation expands
In addition to the major deals with Aramco, the White House revealed that the U.S. Department of Energy and the Ministry of Energy of Saudi Arabia concluded an agreement for cooperation in the field of energy during Trump’s visit.
This agreement builds upon their strong existing relationship; it will focus collaboration on examining the potential for innovation, development, financing and deployment of energy infrastructure.
