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Saudi Aramco signs 66 agreements worth $21 bln

Feb 26, 2020
2 min read
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Saudi Aramco signed 66 partnerships agreements valued at more than US$21 billion with companies for work across the Saudi Arabian energy sector, including a $110 million joint venture with Baker Hughes.

The Memoranda of Understanding (MoUs and commercial collaborations included the following companies and entities: Hyundai Heavy Industry, Seimens, Aasia Steel, Oilfields Supply Center (OSC), Al-Khorayef Petroleum, Mitsubishi Hitachi Power Systems, Schneider Electric, Honeywell, Advanced Electronic Company (IT), XDM 3D Printing, Shengong New Materials, XINFOO and Saudi Exports Development Authority. Saudi Aramco signed these agreements at a forum for in-country-value (IKTVA) but did not say what each of the MoUs with the companies would focus on.

“IKTVA continues to open new doors of opportunity by enhancing the business environment for young Saudis, for entrepreneurs and for businesses, big and small,” said Amin H. Nasser, Saudi Aramco President & CEO. “Ultimately, what counts is the impact it has on people’s lives – that’s iktva in action.”

Additionally, Saudi Aramco signed a joint venture agreement with Baker Hughes to establish a 50/50 Non-Metallic Joint Venture (NM JV).

The joint venture will be a multi-sectorial non-metallic investment platform designed to innovate, develop and manufacture composite materials for both oil and gas as well as non-oil and gas applications.

The JV will leverage polymer materials and state-of-the-art manufacturing processes to deliver transformational non-metallic products, starting with Reinforced Thermoplastic Pipes (RTP) and an investment of around $US110 MM. The JV facility will be located at the King Salman Energy Park (SPARK), and will serve the MENA region.

Saudi Aramco’s participation in the NM JV aims to help promote the use of RTPs which consume less energy and are less carbon intensive compared to conventional steel pipes. The NM JV is in line with Saudi Aramco’s strategy to support R&D, and deploy lower carbon intensity applications and products that are derived from oil.

The IKTVA program has attracted 468 investments from 25 countries with an estimated capital expenditure of $6.5B, resulting in 44 industrial facilities completed to-date, with another 64 facilities under construction, Saudi Aramco said.

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