A joint venture and more than 20 memoranda of understanding are part of the Namaat programme, according to initiator Saudi Aramco (Dhahran; www.saudiaramco.com
), which said it is using the investments to spur value creation in sustainability, technology, advanced materials, and industrial and energy services while improving economic growth and diversification in the companys home country. The worlds largest oil company by revenue explained that the name of its programme means collective growth in Arabic. No financial details were disclosed.
Aramco president and CEO Amin Nasser said, Namaat offers our partners significant opportunities to participate in Aramcos long-term growth strategy and play a vital role in the Kingdoms expanding energy and chemicals supply chain. The benefits for everyone involved are multiple as well as mutual.
The 22 memoranda with global corporations include a deal with Solvay (Brussels / Belgium; www.solvay.com
) to establish a composites value chain, an agreement with Shell (The Hague / The Netherlands; www.shell.com
) to develop and produce catalysts for the chemical and petrochemical industry, and a deal with Veolia (Paris / France; www.veolia.com
) for integrated waste management.