Saudi Aramco CEO says MoUs worth SAR 90 bln signed under ‘Aramco Namaat’ program

Amin H. Nasser, president & CEO of Saudi Aramco

Saudi Aramco signed memorandums of understanding (MoUs) worth SAR 90 billion with local and international partners as part of its “Aramco Namaat” program, according to President and CEO Amin H. Nasser. 

In an interview with Al-Arabiya TV, Nasser said that the agreements are aimed at several areas, including reliability, increasing the added value, and achieving sustainability. 

He also pointed out that the company seeks to maintain global leadership through sustainability and reduction of carbon emissions.  

The program focuses on four sectors, where the company looks forward to investing in clean energy or carbon capture and storage with the help of several other companies. 

Investments will be made in many advanced systems and solutions with partners, in addition to investing in low-cost materials and converting them into chemicals or non-metallic materials. 

The company has invested in pipes and looks forward to expanding the investment to largely use oil in construction and buildings, Nasser said. 

On Sept. 8, Saudi Aramco announced a major expansion of its industrial investment program, “Aramco Namaat”, with the signing of 22 new MoUs and one joint venture (JV) agreement, according to data compiled by Argaam. 

This expansion is focused on capacity building in four key sectors, namely sustainability, technology, industrial and energy services, and advanced materials.