Saudi Aramco has signed five Memorandums of Understanding (MoUs) with domestic and international investors to establish a green hydrogen project, manufacture sophisticated non-metallic building materials, and investigate the localization of digital technology for oil and gas applications.
Coinciding with the fifth edition of the Future Investment Forum (FII), which commenced on 26 October 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.
South Pole Carbon Asset Management Ltd. and Yousef Abdulrahman Al Dhabyan Agricultural Est. (YADGREEN) signed two separate MoUs to assess the feasibility of forming a National Green Services Company to develop and innovate nature-based solutions (NBS) that reduce greenhouse gas emissions.
Aramco has inked an MoU with ABB to explore localization of digital technologies for oil and gas applications
Another MoU was signed with BFG, which focused on localizing the manufacturing of advanced non-metallic building materials, in addition to collaboration in research and development.
Moreover, Aramco has inked an MoU with ABB to explore the localization of digital technologies for oil and gas applications, including building domestic capacity in the Process Automation System (PAS) and instrumentation fields.
The new investment initiatives follow the Crown Prince’s earlier announcements at the Saudi Green Initiative Forum and the Middle East Green Initiative Forum, namely the first package of measures, which serve as a roadmap to safeguard the environment and address climate change issues.