Riyadh - Mubasher: Saudi Arabian Oil Company (Aramco), through its Aramco Group Companies has signed 17 memoranda of understanding (MoUs) and agreements at an estimated total value exceeding $30 billion with major companies in the US, according to a press release.

The deals are expected to support Aramco’s strategic growth objectives and enhance shareholder value, including collaborations in the fields of liquefied natural gas (LNG), financial services, advanced materials manufacturing, and procurement.

The new agreements build on the 34 MoUs announced in May at a value around $90 billion, bringing Aramco’s potential collaboration with companies in the US to nearly $120 billion.

Amin H. Nasser, Aramco President and CEO, said: “Since the 1930s, US firms have played a major role in supporting the company’s success.”

“We expect the multi-billion dollar MoUs and agreements announced today to act as a springboard for further progress, strengthening Aramco’s longstanding legacy of collaboration with American counterparties and unlocking new value creation opportunities that promote innovation and growth,” he added.

LNG Agreements

The agreements included potential investment in the Lake Charles LNG Project through an MoU with MidOcean Energy.

They also cover the Commonwealth LNG, a liquefaction project in Louisiana, as well as potential LNG and gas purchases by Aramco Trading.

Procurement of Materials & Services

Meanwhile, Aramco penned contracts and agreements with leading US suppliers such as SLB, Baker Hughes, McDermott, Halliburton, NESR, KBR, Flowserve, NOV, Worley, and Fluor to support the procurement of materials and services for its projects.

Carbon Fiber’s Localization

The state-owned company has extended its MoU with Syensqo to explore the localization of carbon fiber and advanced composites for industrial applications.

Financial Services’ Collaborations

Wisayah signed asset management and investment agreements with Loomis Sayles, Blackstone, and PGIM, Inc.

Moreover, Aramco established a strategic collaboration with J.P. Morgan for cash account management.

Earlier this month, Aramco unveiled 28 MoUs worth over $1 billion for proposed R&D collaborations in advanced materials and technologies.