Saudi-French Agreements Worth $3.7 Billion in Energy and Industry During Crown Prince's Visit
During the Crown Prince's visit to France, Saudi and French companies signed agreements worth $3.7 billion in energy and industry.
During the state visit of Crown Prince and Prime Minister Prince Mohammed bin Salman to France, the Saudi-French roundtable announced the signing of several agreements, memorandums of understanding, and financial solutions in the energy and industry sectors. These agreements aim to enhance economic and investment cooperation between the two countries and foster partnership opportunities between their companies and institutions.
The agreements included purchase contracts between Saudi Aramco and the French companies 'SLB' and 'Vallourec' for the supply of oil and gas well drilling materials and specialized steel pipes for oil and gas fields, with a total value of approximately $3.7 billion.
In terms of digital transformation, Aramco Digital signed a memorandum of understanding with the French company 'Dassault Systèmes' to collaborate in the fields of artificial intelligence and virtual digital twin technologies, including exploring their potential applications in the oil and gas sector.
In the electricity sector, the Saudi Energy Company entered into a cooperation and financing agreement with the French national investment bank 'Bpifrance' to support the development and modernization of the electricity network in the Kingdom. This is based on a memorandum of understanding signed in November 2025, related to establishing a financial facility worth up to $3 billion, aimed at providing a financial framework to support the company's procurement program and electrical infrastructure projects.
Similarly, the Saudi Export-Import Bank signed a tripartite memorandum of understanding with the Saudi Group and 'Crédit Agricole CIB' bank, targeting the arrangement of financial solutions for the group's acquisition of new Airbus aircraft. The memorandum reflects the role of the Saudi Export-Import Bank as a credit agency for national exports, as it will provide credit risk insurance coverage associated with the deal.
This memorandum represents a qualitative step that combines international banking finance and national export credit tools, opening new channels for companies and projects related to Saudi exports to access international financing sources and supporting the Saudi Group's plans to modernize its fleet and enhance its operational capabilities in global markets.