Aramco announces to establish JV with Air Products and ACWA Power, signs seven MoUs at Future Investment Initiative

Aramco announces to establish JV with Air Products and ACWA Power, signs seven MoUs at Future Investment Initiative
Published: 30 October 2019 - 6 a.m.
By: Martin Menachery
Saudi Aramco announced its intention to establish the Jazan Power joint venture (JV). The JV will be 46% owned by Air Products, 25% by ACWA Power, 20% by Saudi Aramco and 9% by Air Products Qudra. In addition, the company signed seven MoUs at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.

Ahmad A Al-Sa’adi, Saudi Aramco’s senior vice president of technical services, attended FII in addition to Nabil Al Nuaim, Saudi Aramco’s chief digital officer, who headlined a panel discussion on how business can best leverage data to anticipate risks, improve performance and optimise operations.

Al Sa’adi reaffirmed the company’s position, saying: “Saudi Aramco aims to promote business investment opportunities through technology across the kingdom’s energy services sector ecosystem. The agreements signed today support the kingdom’s plans to develop industrial zones, create jobs and attract foreign direct investment, as well as drive economic diversification.

The MoUs represent new collaborations with companies from six countries. These include France, Norway, New Zealand, South Korea, Spain and the United States. The MoUs are intended to support Saudi Aramco’s operations and Saudi Arabia’s economic diversification strategy by increasing the efficiency of technology used in upstream, downstream and engineering services. In the long-term, these agreements aim to help improve sustainability and technological efficiency throughout the value chain.

The MoUs and commercial collaborations signed include: (i) Air Products Qudra – Non-binding MoU between Saudi Aramco and APQ to discuss the establishment of an industrial gases joint venture. (ii) Aker ASA – MoU between Saudi Aramco and Aker ASA to collaborate on the 4th Industrial Revolution addressing sustainability and green environment. (iii) Dassault Systems – MoU between Saudi Aramco and Dassault Systems to work on advanced materials and 4IR technologies. (iv) Baker Hughes – MoU between Saudi Aramco and Baker Hughes to collaborate on artificial intelligence and digital transformation. (v) BMT Co – Collaboration MoU between Saudi Aramco and BMT; BMT plans to invest in fittings and valves manufacturing facilities in the kingdom. (vi) Tubacex Group – Collaboration MoU between Saudi Aramco and Tubacex Group; Tubacex Group plans to invest in pipe weld overlay and cladding services manufacturing facilities in the kingdom. (vii) Pultron Composites: Collaboration MoU between Saudi Aramco and Pultron; Pultron plans to invest in non-metallic glass fibre reinforced pipes (GFRP) manufacturing facilities in the kingdom.

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