Saudi Aramco to establish a JV, signs seven MoUs

These agreements aim to help improve sustainability and technological efficiency throughout the value chain across the country’s energy services sector.

Saudi Aramco announced its intention to establish the Jazan Power Joint Venture. 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.

Senior Vice President of Technical Services, Ahmad A. Al Sa’adi, reaffirmed the company’s position at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia: “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.