Aramco inks 55 new agreements, MoUs to expand Namaat program

Saudi Arabian Oil Co. (Saudi Aramco) announced a major expansion of its industrial investment program, “Aramco Namaat,” with the signing of 55 agreements and memorandums of understanding (MoUs). 

In a statement, of which Argaam obtained a copy, the agreements are related to the sustainability, digital, industrial, manufacturing and social innovation sectors.

Contracts include six joint ventures (JVs) involving the engineering, procurement and construction of new projects with Kent & Nesma; Larsen & Toubro and Gulf Consolidated Contractors; Samsung Engineering & Al-Rushaid Group; Hyundai & Al-Rashid Trading & Contracting Co. (RTCC); Saipem & Nasser S. Al-Hajri Corporation (NSH); Sinopec Shanghai Engineering Co. Ltd (SSEC) and Abdel Hadi Abdullah Al-Qahtani & Sons Co. (AHQ).

The deals include a JV agreement with Honeywell to develop and implement digital technology solutions across industrial facilities, as well as a JV agreement with Armorock and AlKifah Precast to localize the use of polymers in concrete production.

Aramco also signed a Vanadium concentrate sales agreement with Shell & AMG Recycling and United Company for Industry (UCI) for the construction of an in-Kingdom metal reclamation and catalyst manufacturing facility.

Further, the oil giant concluded an agreement with Accenture, Al Gihaz Holding and Impulse Partners for setting up and operating the Spark Digital Center.

Ahmad Al-Sa’adi, Aramco Senior Vice President of Technical Services, said, “This latest phase of expansion for Namaat reflects even greater integration with other venture life cycle programs that aim to add value and support sustainable growth.”

“It also represents significant progress for the program, with 19 of the 22 MoUs signed last year already reaching fruition, with a total investment of $3.5 billion,” Al-Sa’adi noted.

He added that Aramco’s collaboration with industry leaders in areas of strategic importance for the Kingdom demonstrates how Aramco is creating national champions that will bring long-term benefits to the company’s value chain as well as the Kingdom’s economy and people.

In September 2021, Aramco announced a major expansion of its Namaat program, with the signing of 22 new MoUs and a JV agreement, according to data available with Argaam.