Aramco has signed nearly three dozen memoranda of understanding (MOUs) to collaborate on liquefied natural gas (LNG), artificial intelligence (AI), emissions-reduction technologies, and asset management.
Aramco announced the signings on 13 May, saying they were jointly valued at up to $90 billion, although no values were associated with individual deals. In the upstream sector, agreements were made related to LNG with NextDecade, Sempra Infrastructure, and Woodside Energy.
NextDecade originally announced a sales and purchase agreement SPA with Aramco for LNG from the Rio Grande project’s Train 4 in April as a follow-up to a heads of agreement (HOA) from June 2024. Under the SPA, Aramco will purchase 1.2 mtpa of LNG for 20 years, pending a positive final investment decision (FID) on Train 4. NextDecade said the FID for Train 4 at its project in the Port of Brownsville, Texas, depends on securing appropriate commercial agreements and adequate financing to build the train and related infrastructure.
Aramco signed an MOU with Sempra related to an HOA announced last year regarding LNG offtake and equity participation Port Arthur LNG Phase 2. In June 2024, Sempra announced a nonbinding HOA outlining a 20-year SPA for 5 mtpa of LNG from the Phase 2 expansion, which includes provisions for Aramco to acquire a 25% stake in the project-level equity.
Woodside Energy and Aramco have entered into a nonbinding collaboration agreement to explore Aramco’s potential acquisition of an equity stake in, and LNG offtake from, the recently sanctioned $17.5 billion Louisiana LNG project, Woodside announced 14 May.
Woodside said the agreement was signed in Riyadh during the Saudi-US Investment Forum, which was attended by Saudi Crown Prince and Prime Minister Mohammed bin Salman and US President Donald Trump.
The two companies are also exploring collaboration on lower-carbon ammonia.
Technology Agreements
Aramco and Amazon Web Services have signed a nonbinding strategic framework agreement to collaborate on digital transformation and lower-carbon initiatives.
Aramco signed an MOU with NVIDIA to collaborate on developing advanced industrial AI computing infrastructure. The agreement includes plans to establish an AI hub and enterprise platforms, an engineering and robotics center of excellence, and initiatives for training and upskilling. The two companies also plan to work together within NVIDIA’s startup ecosystem. NVIDIA announced the partnership on 13 May, noting it also includes HUMAIN, a subsidiary of Saudi Arabia’s Public Investment Fund focused on AI.
HUMAIN will receive 18,000 Blackwell chips from NVIDIA, according to NVIDIA CEO Jensen Huang. AMD, a chip designer, signed a $10 billion collaboration with HUMAIN to provide 500 MW of AI compute capacity for its data centers.
Aramco Digital and Qualcomm have signed an MOU to explore a strategic collaboration focused on digital transformation. The partnership aims to leverage Aramco Digital’s 450 MHz 5G industrial network to connect intelligent edge devices with on-device AI capabilities, including smartphones, rugged industrial devices, robots, drones, cameras, sensors, and other internet of things devices.
Services and Downstream Deals
Aramco said it signed several MOUs reflecting ongoing relationships with US-based oil and gas suppliers and service providers. The companies include SLB, Baker Hughes, McDermott, Halliburton, Nabors, Helmerich & Payne, Valaris, NESR, Weatherford, Air Products, KBR, Flowserve, NOV, Emerson, GE Vernova, and Honeywell.
Aramco also signed MOUs related to downstream activities. These include an agreements with ExxonMobil to evaluate a significant upgrade and expansion of the SAMREF refinery; with Honeywell UOP for technology licensing tied to an aromatics project; with Motiva for an aromatics project in Port Arthur, Texas; and with Afton Chemical to develop and supply chemical fuel additives for pipelines and retail fuel offerings.
