Aramco Signs MoUs worth SR90 bln for “Namaat Aramco” Program

The world’s biggest oil producer, Saudi Arabian Oil Co. (Saudi Aramco) signed on Tuesday Memorandums of Understanding (MoUs) and one Joint Venture (JV) Agreement worth SR 90 billion, as a part of the “Namaat” Program, the company’s CEO Amin Al-Nasser said.

Al-Nasser confirmed that the “Namaat Aramco” Program would improve sustainability through industrial investments, supply chains, and digital industries.

The signed memoranda would support the “Namaat Aramco” Program, which put excellent opportunities at avail of global and local investors, to acquire the company shares and take part, in Saudi Aramco strategy to achieve future development and sustainability, he explained.

“Namaat” Program is a venue to enable Aramco partners to play important role, in increasing the value-added in the energy and chemicals supply chains, he elaborated.

“Through the government partner program, our partners may benefit from a wide variety of financial and infrastructure incentives and such initiatives shall assist in supporting (Namaat) Program and promote further investments, that would enhance technical and environmental elements,” he stated.

“The Kingdom is fast developing and changing, in various domains, and Saudi Aramco is delighted to be an essential engine and pillar to enable and support change and growth in order to attain sustainability and prosperity,”

Al-Nasser reiterated.

Expressed his confidence in the sectors targeted by Aramco, Al-Nasser pointed out that “they will provide great, attractive, and rewarding opportunities for all investors and contribute to the development of an industrial system, a world-class business environment and a competitive supply chain, as well, within the Kingdom, in addition to creating jobs, and urged other companies to participate.