Aramco Signs $3.7 Billion Agreements with French Companies in Drilling Equipment, Pipes, and Industrial AI
Aramco signs $3.7 billion agreements with French firms in drilling, pipes, and AI during Crown Prince's visit to France.
Saudi Aramco announced on Monday the signing of agreements and a memorandum of understanding with French companies, with a total potential value exceeding $3.7 billion. This took place during the French-Saudi Investment Roundtable held in Paris as part of the visit by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to France.
The company stated in a release that the agreements and memorandum of understanding signed by Saudi Aramco and its subsidiary, Aramco Digital, were announced in the presence of Aramco's President and CEO, Engineer Amin bin Hassan Nasser. They include a corporate purchase agreement for drilling equipment, a purchase agreement for oil and gas sector pipes, and a memorandum of understanding for Aramco Digital to establish a potential cooperation framework in industrial artificial intelligence and digital twin technologies, including potential applications in the oil and gas sector.
The statement clarified that these partnerships focus on supporting projects, developing capabilities and potential, transferring technology and innovation, and enhancing the resilience of supply chains. They are expected to contribute to strengthening Aramco's supply chain ecosystem, improving business continuity and efficiency, developing industrial artificial intelligence and digital technologies, and generating economic value for both the Kingdom and France.
Aramco's agreements are part of the outcomes of the second day of the Crown Prince's visit, which also saw Qiddiya Investment Company announce the establishment of three entertainment parks near Paris with investments amounting to 6 billion euros. His Royal Highness and French President Emmanuel Macron are set to chair the first meeting of the Saudi-French Strategic Partnership Council, followed by a signing ceremony for a package of agreements in the transport, energy, and health sectors.