Saudi Aramco inks 7 MoUs at Future Investment Initiative 2019

Saudi Aramco signed on Tuesday seven Memorandums of Understanding (MoUs) on the sidelines of the Future Investment Initiative 2019 (FII) in Riyadh, the company said in a statement.

The MoUs aim at promoting business investment opportunities through technology across the Kingdom’s energy services sector ecosystem, the company said, adding that 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 and commercial collaborations signed include:

- Air Products Qudra: Non-binding MoU between Saudi Aramco and APQ to discuss the establishment of an Industrial Gases Joint Venture.

- Aker ASA: MoU between Saudi Aramco and Aker ASA to collaborate on the 4th Industrial Revolution addressing sustainability and green environment.

- Dassault Systems: MoU between Saudi Aramco and Dassault Systems to work on advanced materials and 4IR technologies.

- Baker Hughes: MoU between Saudi Aramco and Baker Hughes to collaborate on artificial intelligence and digital transformation.

- BMT Co., Ltd.: Collaboration MoU between Saudi Aramco and BMT, BMT plans to to invest in fittings and valves manufacturing facilities in the Kingdom.

- Tubacex Group: Collaboration MoU between Saudi Aramco and Tubacex Group, Tubacex Group plans to invest in pipe weld overlay and cladding services manufacturing facilities in the Kingdom.

- Pultron Composites: Collaboration MoU between Saudi Aramco and Pultron, Pultron plans to invest in non-metallic Glass Fiber Reinforced Pipes (GFRP) manufacturing facilities in the Kingdom.