Aramco signed MoUs and agreements with major US companies during the Saudi-US business forum, with a potential total value of USD 90 bn, according to a statement. The oil giant did not break down the value of each agreement.

The partnerships span various sectors, including Liquefied Natural Gas (LNG), fuels, chemicals, emission-reduction technologies, AI, digital solutions, manufacturing, asset management, and short-term investments.

Downstream agreements include an MoU with Honeywell for technology licensing of an aromatics project, another with Motiva for an aromatics project in Port Arthur, MoUs with Afton Chemical for development and supply of chemical fuel additives, and an MOU with Exxon Mobil for exploring an upgrade to the SAMREF refinery into a petrochemical complex.

On the upstream side: The oil giant inked a non-binding agreement with Australian petroleum exploration firm Woodside Energy to mull acquiring a stake in Woodside Energy’s newly acquired LNG project, along with other potential investments, according to a statement (pdf). The facility — scheduled to deliver its first gas package in 2029 — will boast three separate processing units at an annual capacity of a 16.5 tons. Woodside expects the project to generate some USD 2 bn in net operating income annually in the 2030s.

Other upstream agreements included an MoU with Sempra Infrastructure, related to a previously announced agreement for an equity stake and purchasing from Port Arthur LNG 2. Aramco will also purchase 1.2 mn tonnes of LNG annually from Next Decade over 20-year term from Train 4 of the Rio Grande LNG Facility, conditioned on the final investment decision for Train 4.

Tech agreements were also signed with US partners:

  • NVIDIA: An MoU focused on developing advanced industrial AI computing infrastructure, establishing AI platforms, an engineering and robotics center of excellence, and offering training and upskilling programs, as well as working with NVIDIA’s startup ecosystem.
  • Amazon: A non-binding framework agreement will see Aramco collaborate with Amazon Web Services on digital transformation and lower-carbon initiatives.
  • Qualcomm: An MoU with Aramco Digital to explore leveraging its 450 MHz 5G industrial network to connect devices with AI capabilities from Qualcomm, including smartphones, industrial devices, robots, drones, cameras, sensors, and other IoT devices.

ALSO – Aramco and group companies signed MoUs to reflect existing relationships with US suppliers for materials and professional services, including SLB, Baker Hughes, McDermott, Halliburton, Nabors, Helmerich & Payne, Valaris, NESR, Weatherford, Air Products, KBR, Flowserve, NOV, Emerson, GE Vernova, and Honeywell.

AND– Aramco also entered into an MoU with Guardian Glass to localize specialty glass manufacturing for architectural applications in Saudi Arabia. Wisayah, Aramco’s asset management arm, also has agreements with PIMCO, State Street Corporation, and Wellington. Meanwhile, agreements for short-term investments were also made through a unified investment fund dubbed the Fund of One, with big players including BlackRock, Goldman Sachs, Morgan Stanley, and PIMCO.

ALSO SIGNED AT THE FORUM-

Ma’aden + MP Materials to drive rare earth industrialization in the Kingdom: Saudi Arabian Mining (Ma’aden) signed a MoU with US-based MP Materials to explore the development of a fully integrated rare earth supply chain in the Kingdom, according to a press release. The potential collaboration spans mining, separation, refining, and magnet production.

BACKGROUND- Last month, Ma’aden was reportedly considering a rare earths partnership with one of four international firms, including Australia’s Lynas Rare Earths, Canada’s Neo Performance Materials, China’s Shenghe Resources, and US-based MP Materials.

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