Aramco has signed 34 Memoranda of Understanding (MoUs) and agreements with major US companies, potentially worth around $90bn.
The agreements, facilitated through Aramco Group Companies, span various sectors, including liquefied natural gas (LNG), chemicals, fuels, emission-reduction technologies, artificial intelligence (AI), and other digital solutions.
The collaborations aim to strengthen existing ties with US firms, enhance shareholder value, and promote innovation within the energy sector.
In the downstream sector, Aramco has signed an MoU with Honeywell UOP for technology licensing related to an aromatics project. Another MoU with Motiva focuses on an aromatics project in Port Arthur, contingent on a final investment decision. Agreements with Afton Chemical involve the development and supply of chemical fuel additives. Meanwhile, ExxonMobil is evaluating an upgrade to the SAMREF refinery, potentially transforming it into a world-class integrated petrochemical complex.
In the upstream sector, Aramco has partnered with Sempra Infrastructure on a previously announced agreement regarding LNG equity and offtake in Port Arthur LNG 2. A collaboration with Woodside Energy explores global opportunities, including equity interest and LNG offtake from the Louisiana LNG project, alongside potential collaboration in lower-carbon ammonia. Additionally, Aramco has finalised an agreement with NextDecade to purchase 1.2 million tonnes of LNG annually for 20 years from Train 4 of the Rio Grande LNG Facility, subject to certain conditions.
In technology and innovation, Aramco has signed a non-binding agreement with Amazon/AWS for collaboration on digital transformation and lower-carbon initiatives. An MoU with NVIDIA involves developing advanced Industrial AI computing infrastructure and establishing an AI Hub. Qualcomm and Aramco Digital are exploring strategic collaboration, focusing on digital transformation use cases leveraging Aramco Digital’s 450 MHz 5G industrial network.
For technical services, Aramco has signed MoUs with strategic US suppliers such as SLB, Baker Hughes, and McDermott, among others, to procure high-standard materials and services for its projects and operations. In strategy and corporate development, an MoU with Guardian Glass aims to localise speciality glass manufacturing in Saudi Arabia.
In finance, Aramco’s asset management agreements with PIMCO, State Street Corporation, and Wellington reflect its strategic financial collaborations. Additionally, agreements for short-term cash investments have been made with BlackRock, Goldman Sachs, Morgan Stanley, and PIMCO through a unified investment fund known as the “Fund of One.”
