Oil and gas conglomerate Saudi Aramco has signed separate Memorandums of Understanding (MoUs) with Samsung Engineering, Hyundai, Saipem, and Baosteel as part of its $24bn industrial investment program.
The agreements with the first three companies pertain to research and development in the engineering, procurement, and construction fields, respectively. Meanwhile, the memorandum with Baosteel entails a feasibility study to build and operate an integrated heavy steel plate manufacturing plant, a material widely used in the construction sector. The plant will be built in Saudi Arabia itself, with the technical process being undertaken by Baosteel. Aramco signed a similar MoU with Posco in December 2020 to build an integrated steel plant in Saudi.
The oil tycoon has also signed an MoU with Shell AMG Recycling and United Company for Industry for metals reclamation (recycling) and catalyst manufacturing. Through its support and influence in the industrial sector, Aramco also enabled a joint venture amongst SeAH and Dussur to localize the production of seamless stainless steel tubes and pipes.