Saudi Aramco signs sustainable energy deals

Saudi Aramco recently entered into agreements with Abu Dhabi National Oil Company (ADNOC) and renewable energy company Masdar to collaborate on sustainable energy.

The memorandum of understanding (MOU) between Saudi Aramco and ADNOC will enable them to work to identify technologies that could enhance operational performance and efficiency in the oil and gas industries.

"We share many strategic objectives and increased cooperation between ADNOC and Saudi Aramco will further ensure our long term economic and energy resilience," Sultan Ahmed Al Jaber, CEO of ADNOC Group, said. "This agreement reinforces our renewed approach to partnerships, which are aimed at leveraging and building on existing industry expertise. Innovation and technology are critical to our growth strategy, and there is a strong focus on integrating new technologies into our upstream and downstream operations as we work to harness maximum value."

The MOU between Saudi Aramco and Masdar will involve the companies working together to advance clean electricity and carbon capture in the region.

"Working with Saudi Aramco will provide substantial insight into their unparalleled experience of deploying large-scale energy projects, while at the same time we are honored to be able to share our own significant expertise as a first-mover in large-scale commercial, renewable energy development in the Middle East and international markets," Mohamed Al Ramahi, CEO of Masdar, said. "The growth potential for renewables in Saudi Arabia is vast, and through our partnership, we look forward to supporting the delivery of affordable and sustainable energy in the kingdom."