Saudi Aramco signs 5 MoUs to produce green hydrogen, nonmetallic building materials

Signing the agreements

Saudi Aramco signed five memorandums of understanding (MoUs) with national and global investors to develop a green hydrogen project, manufacture advanced nonmetallic building materials and explore localization of digital technologies for oil and gas applications.  

The announcement coincided with the fifth edition of the Future Investment Forum (FII), which commenced today, Oct. 26 in Riyadh. 

The first MoU was inked with Modern Industrial Investment Holding Group and Intercontinental Energy to develop a green hydrogen and ammonia project in Saudi Arabia. 

Two separate MoUs were signed with South Pole Carbon Asset Management Ltd. and Yousef Abdulrahman AlDhabyan Agricultural Est. (YADGREEN) to evaluate the feasibility of establishing a National Green Services Company to develop and innovate nature-based solutions (NBS) that help reduce greenhouse gas emissions. 

Another MoU focused on localizing the manufacturing of advanced nonmetallic building materials, as well as collaboration in research and development was entered into with BFG. 

Meanwhile, Aramco inked an MoU with ABB to explore localization of digital technologies for oil and gas applications, including domestic capacity building in the Process Automation System (PAS) and instrumentation fields. 

The MoUs are expected to complement Aramco’s continued investments in oil and gas, with further announcements on its Jafurah gas program expected in the near future.   

The new investment initiatives come in line with the Crown Prince’s recent announcements in the Saudi Green Initiative Forum and the Middle East Green Infinitive Forum, namely the first package of initiatives, which are set as a roadmap to protect environment and face climate change challenges.