Saudi Arabia’s national petroleum refining company, Aramco, recently announced multiple agreements and Memoranda of Understanding (MoUs) with major enterprises in the United States.
The total of 17 MoUs have an approximate value of over $30 billion.
Today, Aramco, known, officially as the Saudi Arabian Oil Company, is among the leading operators in the integrated energy and chemical industry. It is also the owner of the respected lubricant brand, Valvoline, which produces synthetic and mineral based fluids and lubricants ranging from cutting fluid to gas engine oil.
The recent agreements now build on the foundation of 34 other MoUs and agreements that were revealed back in May that had a potential value of around $90 billion. This was aimed at furthering the ambition of facilitating potential opportunities for collaboration with companies on US soil valued at about $120 billion.
The agreements and MoUs announced recently are expected to aid Aramco’s set objectives to achieve strategic growth while improving value for shareholders. The MoUs and agreements involve partnerships and collaborations covering a diverse array of activities like financial services, liquefied natural gas (LNG), procurement of services and materials and manufacturing.
The recent announcement comes at a time when this year’s US-Saudi Investment Forum takes place in Washington, DC and continues to build upon Aramco’s long-standing partnership with US enterprises that spans over 90 years.
Aramco’s CEO and President, Amin H. Nasser, commented that the company expects the new MoUs and agreements to serve as a springboard for greater progress and strengthen the partnership with its US collaborators.
