Aramco, the Saudi oil giant, signed 34 Memoranda of Understanding (MoUs) and agreements totalling $90 billion with major US companies on the fringe of US President Trump’s tour in which Saudi Arabia was the first stop.
“Our US-related activities have evolved over the decades and now include multidisciplinary R&D, the Motiva refinery in Port Arthur, start-up investments, potential collaborations in LNG, and ongoing procurement,” said Amin H. Nasser, president and CEO of Aramco.
The deals are historic and transformative for both countries and represent a new golden era of partnership between the United States and Saudi Arabia, as the White House said on Tuesday.
As part of its plan to expand in the LNG market, Aramco signed MoU s with U.S. liquefied natural gas producer NextDecade, and utility firm Sempra that would see the saudi oil producer getting 6.2 million tons of LNG.
It also discussed a collaboration agreement to explore global opportunities, including an equity interest and LNG offtake from the Louisiana LNG project with Woodside Energy.
On the downstream front, Aramco signed several MoUs for aromatics projects, refinery upgrades, and chemical fuel additive development with companies Honeywell UOP, Motiva, Afton Chemical, and ExxonMobil.
Meanwhile, partnerships were established for digital transformation and AI infrastructure with Amazon AWS, NVIDIA, and Qualcomm, focusing on AI hubs, 5G networks, and industrial digitalization.
Aramco expanded existing relationships with several US suppliers that provide high-standard materials and professional services to help support the company’s projects and operations, Those include SLB, Baker Hughes, McDermott, Halliburton, Nabors, Helmerich & Payne, Valaris, NESR, Weatherford, Air Products, KBR, Flowserve, NOV, Emerson, GE Vernova, and Honeywell.
The scope of agreements also included financial advisory services with asset management giants, including PIMCO, State Street Corporation, and Wellington. It also signed a deal for short-term cash investments through a unified investment fund named ‘Fund of One’ with financial heavyweights BlackRock, Goldman Sachs, Morgan Stanley, and PIMCO.
