Aramco’s US$90bn Tech Deals to Back Sustainable Growth
Saudi Aramco, while a fossil fuels company, says it aims to build a sustainable future through innovation, strategic collaboration and long-term investment in digital transformation.
As the world’s fourth largest company by revenue, Aramco has entered into 34 Memoranda of Understanding (MoUs) with a variety of leading firms, together estimated to be worth around US$90bn.
Working for sustainable transformation
The new MoUs span AI, liquefied natural gas (LNG), digital innovation, procurement and sustainable manufacturing.
Aramco says the MoUs and agreements “aim to build on the longstanding relationship between Aramco and US companies, enhance shareholder value and foster further collaboration and innovation in the energy sector and beyond”.
Amin H. Nasser, Aramco President & CEO, says that these announcements “show the breadth and depth of Aramco’s long history of partnerships with US companies since the first discovery of oil in the Kingdom more than 90 years ago”.
“Our US-related activities have evolved over the decades and now include multi-disciplinary R&D, the Motiva refinery in Port Arthur, start-up investments, potential collaborations in LNG and ongoing procurement.
“As Aramco pursues an ambitious value-driven growth strategy, we believe that aligning with world-class partners supports further development of our operations, strategic diversification of our portfolio, industrial innovation and ongoing capability development within the Kingdom.”
Tech innovation and decarbonisation
The latest agreements see Aramco connecting with US technology leaders to advance both digital and environmental objectives.
These include partnerships with:
- Amazon Web Services (AWS): A non-binding strategic agreement to develop initiatives around digital transformation and low-carbon projects.
- Nvidia: An MoU to create infrastructure for advanced industrial AI, including an AI Hub and platforms for enterprise, robotics and engineering, plus upskilling and access to Nvidia’s startup ecosystem.
- Qualcomm: Through Aramco Digital, a collaboration exploring how 450MHz 5G networks can connect AI-enabled edge devices, including smartphones, drones, cameras and industrial tools.
- Honeywell UOP: A downstream technology licensing agreement focused on aromatics, key for cleaner refining and petrochemical processes.
These partnerships are not only aimed at innovation but are also integral to Aramco’s decarbonisation agenda.
Tech-led efficiency gains are seen as central to maintaining energy output while managing climate impact.
Resilience via strategic sustainability
Beyond these new MoUs, Aramco already has deep and wide-ranging collaborations with US technology providers.
Companies such as SLB (formerly Schlumberger), Baker Hughes, Nabors, Emerson, GE Vernova and KBR continue to play a role in Aramco’s digital and energy systems development.
Collaboration between the state-owned Saudi energy giant and US tech companies covers areas like digital transformation, AI, cloud computing, procurement and financial services — something Aramco attests is essential to its ongoing modernisation and innovation efforts, supporting both its energy operations and Saudi Arabia’s broader digital transformation goals.
Speaking at the Global AI Summit 2024, he said: “I am confident that Aramco's investment in AI technologies will completely transform the way we operate.
“Through the partnerships we build, the problems we solve together and the power we supply, Aramco can help the Kingdom of Saudi Arabia become not only an energy leader, but an AI leader too.”
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