Aramco has announced a major expansion of its industrial investment programme with the signing of 22 new Memoranda of Understandings (MoUs).
The agreements focuses on capacity building in four key sectors - sustainability, technology, industrial and energy services and advanced materials.
Aramco Namaat, which mean means collective growth in Arabic, aims to tap into the new opportunities available in Saudi Arabia to create new value, and drive economic expansion and diversification.
Aramco chairman Yasir Al-Rumayyan, said: “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 localise the industrial supply chain, and create better jobs and skillsets.”
Aramco President and CEO Amin Nasser added: “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.”
Among the MoU’s included three separate agreements on engineering projects, procurement and construction with Samsung.
A MoU has also been agreed with Veolia concerning waste management initiatives.
Air Liquide has also signed a MoU with Aramco concerning carbon capture initiatives.
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