Aramco expands focus on emerging sectors at Future Investment Initiative
Company signs five memorandums of understanding for future business collaborations.
On Tuesday, Aramco announced plans to expand its focus on emerging sectors to drive private sector innovation and investment. During the Future Investment Initiative, it outlined potential new projects in green hydrogen, sustainable technology solutions, advanced nonmetallic building materials, and digitalization.
The company is pursuing investment opportunities in projects that could potentially reduce greenhouse gas (GHG) emissions, following the recent announcement of its ambition to achieve net-zero Scope 1 and Scope 2 GHG emissions across its wholly owned operated assets by 2050.
Details of new initiatives were outlined as global leaders and investors gathered at the Future Investment Forum to discuss the future of venture capital and key issues facing the world.
Our plans illustrate our focus on developing innovative projects and investments, which support our long-term business strategy and strive to have a positive impact. Collaboration will be crucial in promoting economic development and creating new opportunities, as we expand our portfolio, diversify our business, advance low carbon energy technologies and develop sustainable solutions.
— Amin Nasser, Saudi Aramco president and CEO
To move its program forward, Aramco has signed five Memoranda of Understanding (MoUs) with the following companies:
- Modern Industrial Investment Holding Group and Intercontinental Energy — an MoU to develop a green hydrogen and ammonia project in Saudi Arabia.
- South Pole Carbon Asset Management Ltd. and Yousef Abdulrahman AlDhabyan Agricultural Est. (YADGREEN) — two separate MoUs to evaluate the feasibility of establishing a National Green Services company to develop and innovate nature-based solutions that help reduce GHG emissions.
- BFG — an MoU focused on localizing the manufacturing of advanced nonmetallic building materials, as well as collaboration in research and development.
- ABB — an MoU to explore localization of digital technologies for oil and gas applications, including domestic capacity building in the process automation system 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.
Nasser added, “The Ministry of Energy, led by HRH Abdulaziz bin Salman, Minister of Energy of Saudi Arabia, has enabled a business friendly investment environment for strategic initiatives and programs, including advancing our work on the Jafurah gas field, which will play an important role in the expansion of our gas operations, support diversification of our portfolio and benefit the Kingdom’s business sectors.”