Saudi Aramco has announced the signing of 17 memoranda of understanding (MoUs) agreements with significant companies in the United States with a potential total value of more than $30 billion.
The MoUs and agreements are based on the 34 MoUs and agreements announced in May during the visit of the United States President Donald Trump to Saudi Arabia, which had a potential total value of about $90 billion, and all aimed at supporting the possible cooperation opportunities with the United States companies of about $120 billion.
The announced MoUs and agreements presented on Wednesday, during the official visit of Saudi Crown Prince Mohammed bin Salman to the United States, are supposed to facilitate the strategic growth plans of Aramco, as well as, shareholder value, and they will include collaborations and partnerships on various activities such as liquefied natural gas (LNG), financial services, advanced materials manufacturing and procurement of materials and services.
The declaration coincides with the Saudi-U.S. Investment Forum in Washington, D.C., and it is based on the long history of cooperation between Aramco and U.S. companies over a course of more than nine decades.
President and CEO of Saudi Aramco, Amin H. Nasser, said that “Since the 1930s, U.S. firms have played a major role in supporting the company’s success. These relationships have contributed to the first production of oil in Saudi Arabia, the growth of the natural gas business, the expansion of our integrated downstream operations, the development of advanced digital technologies, AI, and R&D, and promoted upskilling through the training and development of many Aramco employees in the U.S.”
Nasser added that “We expect the multibillion-dollar MoUs and agreements announced yesterday to act as a springboard for further progress, strengthening Aramco’s long-standing legacy of collaboration with American counterparties and unlocking new value creation opportunities that promote innovation and growth.”
The new MoUs and agreements that Saudi Aramco announced are a MoU related to potential investment in the Lake Charles Liquefied Natural Gas project with MidOcean Energy, a MoU related to a project in Louisiana, and the possibility of Aramco Trading to acquire LNG and natural gas with Commonwealth LNG.
Besides, Saudi Aramco, among the global top five integrated energy and chemicals firms, entered into many contracts and agreements that reflect the essence of the ongoing relations with the strategic American suppliers such as SLB, Baker Hughes, McDermott, Halliburton, Nesr, KBR, Flowserve, NOV, Worley, and Fluor.
However, these suppliers provide high-quality materials and professional services that help in assisting Aramco’s projects and operations.
