Saudi Aramco signed 5 memoranda of understanding with national and international investors; To inject potential investments in green hydrogen manufacturing.
The company said in a statement on its website, yesterday, Tuesday, that the memoranda aims to manufacture green hydrogen and green energy services, manufacture advanced non-metallic building materials, and digital technologies in industrial fields.
The list of companies that signed the memorandums of understanding included: Modern Industrial Investment Group Holding, Intercontinental Energy, South Paul Carbon Asset Management Limited, Yousef Abdul Rahman Al-Dabyan Agricultural Corporation, BFG, and ABB International.
The company stated that these memorandums, which were signed on the sidelines of the Future Investment Forum currently being held in Saudi Arabia, come "in support of its global trends in reducing carbon emissions, achieving zero neutrality and the green economy, and encouraging investment in the private sector, and also come within the framework of the Kingdom's directions aimed at leading the green era in Region".
Saudi Aramco President and Chief Executive Officer, Amin Nasser, said the global energy sector is facing a challenge posed by a lack of investment in traditional resources, which is affecting the world's ability to thrive.
"There is a need to achieve greater balance, more orderly, fairness and inclusiveness on a global scale in the journey of energy transition towards zero neutrality, so that the needs of many societies in Asia and Africa, and many countries of the world are not overlooked," he added in the statement.
Saudi Aramco, whose shares the government has put up for subscription on the local stock exchange, has recently been active in new sectors besides selling crude oil.
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