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As part of its diversification drive, the world’s biggest oil producer, Saudi Arabian Oil Co. (Saudi Aramco) signed 22 new pacts and a joint venture agreement with leading global firms in sectors such as sustainability, technology, industrial and energy services.
This comes amid a growing focus on environmental, social and governance (ESG) investing.
“Aramco targets value creation opportunities in sustainability, technology, industrial and energy services, and advanced materials,” the firm said in a statement on Tuesday, and added, “The programme aims to drive economic growth and diversification in Saudi Arabia.”
According to the statement, the 22 MoUs that were inked include the ones with SOLVAY, DHL, Veolia, Air Liquide, Haliburton, PIF, Baker Hughes. Linde, Schlumberger, AIC Steel, GSW, McDermott, Seyang, Sendan, NARMEL, Samsung Engineering, Hyundai, Saipem, Elion, Green Groves, Gulf Modular Industry, Armorock, Shell AMG Recycling & United Company, AVEVA and Baosteel .
“As a result of Aramco’s continuous support of the industrial ecosystem, a JV agreement between SeAH and Dussur to localize stainless steel seamless tube and pipe manufacturing has materialized,” the statement said.
Saudi Aramco is increasingly looking at India as an investment destination. A case in point being Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL)—a joint venture between world’s biggest oil producer, Saudi Arabian Oil Co. (Saudi Aramco), Abu Dhabi National Oil Company (Adnoc), and three state-run oil marketing companies, Indian Oil Corp. (IOCL), Hindustan Petroleum Corp. (HPCL) and Bharat Petroleum Corp. (BPCL).
Also, RIL in 2019 announced its interest to sell 20% stake in its chemicals and refining business to Saudi Aramco in a deal valued at $15 billion.
