Saudi Arabian oil company Aramco announced the signing of five agreements with leading French companies to advance local business opportunities.

This came during an event in Jeddah organized by the Ministry of Investment to explore investment opportunities for French companies in Saudi Arabia. The event was attended by Khalid Al Falih, Minister of Investment of Saudi Arabia, and Franck Riester, Minister Delegate for Foreign Trade and Economic Attractiveness of France, along with Aramco President and CEO Amin H. Nasser.

Aramco signed memoranda of understandings (MoUs) with Air Liquide, Alteia , Axens, and most importantly Gaussin. The agreement between Aramco and Gaussin aims to explore manufacturing of hydrogen powered vehicles in Saudi Arabia. Additionally, the two companies agreed to develop an autonomous hydrogen racing truck.

Furthermore, the agreements with Air Liquide, Alteia, and Axens will further Aramco’s research and development in the areas of carbon capture technology, artificial intelligence, and local manufacturing respectively.

“This partnership is a continuation of Aramco’s long-standing relationship with a number of leading French companies. It represents an opportunity to promote hydrogen as a low-carbon solution, not just for motorsport, but eventually for mass transportation as well. Such collaboration helps us to advance economic growth in the Kingdom as part of the Namaat industrial investment program and takes us a step closer to our shared vision of a more sustainable future,” Amin H. Nasser, Aramco President and CEO, said.