Saudi Aramco announced on Monday agreements and a Memorandum of Understanding (MoU) with French companies with a potential combined value of more than $3.7 billion. The announcement was made at the French-Saudi Investment Roundtable meeting that was held during the official visit by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to France. The agreements are expected to strengthen Aramco’s supply chain ecosystem, enhance operational continuity and efficiency, advance industrial artificial intelligence and digital technologies, and deliver economic value to the Kingdom and France, said Aramco in a statement. Amin H. Nasser, Aramco President and CEO, attended the French-Saudi Investment Roundtable meeting. The collaborations focus on project support, capacity building and capability development, technology transfer and innovation, and supply chain resilience. They include a corporate procurement agreement for drilling equipment and a purchase agreement for Oil Country Tubular Goods (OCTG). The MoU, with Aramco Digital, establishes a framework for potential collaboration in industrial AI, virtual twin/digital twin technologies, and related technologies, including potential applications in the oil and gas sector.
