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Aramco Signs 34 Agreements With U.S. Companies, Totaling Up to US$ 90 Billion, Strengthening Strategic Ties in Energy, Technology, and Industry
Saudi Arabia’s national oil company Aramco announced on Wednesday (14) the signing of 34 preliminary agreements with major companies from the United States. The potential value of the agreements could reach US$ 90 billion. The initiative comes after U.S. President Donald Trump’s visit to the country and strengthens trade ties between the two governments.
Most of the agreements are memoranda of understanding, meaning preliminary documents without a defined value. Some had already been announced earlier, such as the annual purchase of 1.2 million metric tons of liquefied natural gas (LNG) for two decades from NextDecade.
According to Aramco, the signatures are part of a plan to expand collaborations in the energy, technology, and industrial sectors.
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The agreements also aim to enhance shareholder value and contribute to Saudi Arabia’s Vision 2030 project—which seeks to reduce oil dependence and promote a more diversified economic development.
During the U.S.-Saudi Investment Forum in Riyadh, Aramco’s CEO, Amin Nasser, stated: “The U.S. is truly a great place to put our investment.”
The event coincided with Trump’s four-day tour in the Gulf, marked by luxurious receptions and billion-dollar announcements. In addition to Aramco’s agreements, Saudi Arabia pledged US$ 600 billion in investments in the United States, and US$ 142 billion in arms agreements were announced.
Among the most notable agreements is a memorandum of understanding with Nvidia, focusing on artificial intelligence.
The document provides for the creation of an AI industrial infrastructure, including a specialized center, robotics engineering, and training programs. A memorandum was also signed with Qualcomm, aimed at enhancing industrial networks and artificial intelligence.
Another highlight was the agreement with ExxonMobil, which aims to assess the modernization of the SAMREF refinery. The idea is to expand and transform the facility into an integrated petrochemical complex.
Aramco also partnered with Amazon Web Services for digital transformation projects and low-carbon initiatives.
The Saudi state company also announced it will invest US$ 3.4 billion in the expansion of the Motiva refinery located in Texas. The facility is part of a set of initiatives by the firm in U.S. territory, which also includes research and development, investments in startups, and collaborations in LNG.
Despite these advancements, Aramco’s shares have fallen nearly 9% year-to-date. Nevertheless, the company remains the main source of revenue for Saudi Arabia.
With information from MSN.
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