Saudi Aramco announced in a statement its 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, statement mentioned.
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 (NBS) that help reduce greenhouse gas 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 (PAS) 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.
