Saudi Aramco has announced the signing of 66 memoranda of understanding and strategic and commercial cooperation agreements, valued at more than $ 21 billion, or equivalent to 78.75 billion Saudi riyals, with local and international partners from 11 countries.
The company stated in that it signed these agreements and memoranda on the sidelines of the fifth forum and exhibition of the enhancement program for the total added value of the supply sector, “Ektefa”. The agreements covered the entire energy sector in the Kingdom.
Aramco has also signed an agreement with Baker Hughes to establish a joint venture, owned equally by both parties, focusing on non-metallic materials. The joint venture constitutes a multi-sector investment platform for non-ferrous materials that aims to invent, develop and manufacture composite materials for use in the oil and gas sector besides other energy related sectors.
The joint venture will be established in King Salman Energy City (Spark) to serve the MENA region.
Saudi Aramco’s participation in the joint project for non-metallic materials production will help boost the manufacturing of reinforced thermoplastic pipes, which consume less energy and emit less carbon emissions compared to traditional steel pipes.
