Aramco has announced 17 Memoranda of Understanding (MoUs) and agreements with a potential total value of more than $30 billion with major companies in the US, through its Aramco Group Companies.

These MoUs and agreements build on the 34 MoUs and agreements announced in May, which had a potential total value of approximately $90 billion, all supporting toward unlocking potential collaboration opportunities with companies in the US valued at around $120 billion.

The MoUs and agreements are expected to support Aramco’s strategic growth objectives while enhancing shareholder value and involve collaborations and partnerships covering a range of activities including Liquefied Natural Gas (LNG), financial services, advanced materials manufacturing, and procurement of materials and services.

Amin Nasser, Aramco President & CEO, said: "Since the 1930s, US firms have played a major role in supporting the company’s success. These relationships have contributed to the first production of oil in Saudi Arabia, the growth of our gas business, an expansion of our integrated downstream operations, the development of advanced digital technologies, AI and R&D, and promoted upskilling through the training and development of many Aramco employees in the US. 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."