Saudi Aramco and Baker Hughes (BH) signed an agreement to form a 50/50 non-metallic Joint Venture (NM-JV) with investments of around $110 million, Oil and Gas Middle East reported.
This came during the In-Kingdom Total Value Add (iKTVA) forum, in which it was announced that the JV will be a platform for multi-sectorial non-metallic investment.
“The JV will leverage polymer materials and state-of-the-art manufacturing processes, a platform designed to innovate, develop and manufacture composite materials for both oil and gas as well as non-oil and gas applications in Saudi Arabia,” according to BH’s statement.
It should be noted that Aramco’s involvement with the NM-JV represents an essential step towards promoting the usage of Reinforced Thermoplastic Pipes (RTP). This will reduce the impacts on the environment as RTPs consume less energy and are less carbon-intensive than steel pipes.
The agreement comes in line with Aramco’s strategy to support research and development (R&D), and deploy lower carbon intensity applications and oil-derivative products.
