Saudi Arabia’s multinational petroleum and natural gas company, Saudi Aramco has signed 22 agreements with the kingdom’s Public Investment Fund and various energy businesses as part of its industrial investment initiatives expansion plans.
According to the statement, the company has also agreed to form a joint venture with Honeywell, an energy services company, to create digital solutions targeted toward sustainability. The value of these contracts was not disclosed by Aramco.
The deals are part of the state-owned oil firm’s Namaat program, which aims to boost industrial investment. Further, it complements Aramco’s existing In-Kingdom Total Value Add (Iktva) program.
Amin Nasser President & CEO Saudi Aramco
“Namaat offers our partners significant opportunities to participate in Aramco’s long-term growth strategy and play a vital role in the Kingdom’s expanding energy and chemicals supply chain. The benefits for everyone involved are multiple as well as mutual and I am proud that Aramco continues to be a catalyst at the heart of the Kingdom’s transformation, harnessing its expertise and resources to champion new markets and growth sectors. We believe these exciting target sectors offer significant opportunities for all the current and prospective parties involved.”
Mr. Yasir Al-Rumayyan, Chairman of Aramco noted, “Aramco continues to be at the forefront of enabling and enhancing the Kingdom’s industrial, technology and sustainability infrastructure through large-scale investments and key partnerships, such as IKTVA and, by extension, Namaat.”
“Such initiatives help further drive economic growth and diversification, ensure greater reliability of energy supply, effectively localize the industrial supply chain, and create better jobs and skillsets,” Mr. Al-Rumayyan further added.
Aramco signed agreements with Air Liquide, Haliburton, Baker Hughes, and Schlumberger for prospective carbon capture and sequestration collaborations. In addition, the company inked agreements with DHL to construct a local industrial logistics center and Veolia to establish a waste management company.
The state oil company also signed engineering, procurement, and construction contracts with Samsung Engineering, Hyundai, and Saipem, according to the statement.
