Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022.
Dado Ruvic | Reuters
SaudiAramcosaid on Wednesday it had signed 34preliminary deals with major U.S. companies, potentially worth up to $90 billion in a push to deepen commercial ties with the UnitedStates on the back of President Donald Trump’s visit to the kingdom.
The announcement was made a day after Riyadh pledged $600 billion in U.S. investments.
Still, most tie-ups listed by the state oil giant were memorandums of understanding without a value attached. Some deals have also been previously announced, such as the agreement to buy 1.2 million tons of LNG per year for a 20-year term from NextDecade.
The agreements underscore Saudi Arabia’s efforts to strengthen its energy partnerships and attract foreign investment as it looks to balance oil dominance with broader industrial and technological growth under Vision 2030.
“The U.S. is really a good place to put our investment,”AramcoCEO Amin Nasser saidon Tuesday at the U.S.-Saudi Investment Forum in Riyadh.
The forumcoincided with Trump’sfour-day tour of the Gulf, marked by lavish receptions and aseries of business deals, including$142 billion in arms agreements.
Aramcois the economic backbone of Saudi Arabia, generating a bulk of the kingdom’s revenue through oil exports and funding its ambitious Vision 2030 diversification drive.
Its shares have fallen almost 9% this year.
Flurry of signing
The company said the agreements, struck through itsAramcoGroup Companies, aim to build on its longstanding ties with U.S. companies, enhance shareholder value, and expand collaboration in energy and other strategic sectors.
A memorandum of understanding with tech heavyweight Nvidiaaims to establish advanced industrial AI infrastructure, including an AI Hub, an engineering and robotics center, and workforce training programs.
Aramcoalso signed an MoU with ExxonMobilto evaluate a significant upgrade to their SAMREF refinery, with plans to expand it into an integrated petrochemical complex.
Italso inkeda non-binding agreement with Amazon Web Servicesto collaborate on digital transformation and lower-carbon initiatives, while an MoU with Qualcommfocuses on collaboration in enhancing industrial networks and AI capabilities.
“Our U.S.-related activities have evolved over the decades, and now include multi-disciplinary R&D, the Motiva refinery in Port Arthur, start-up investments, potential collaborations in LNG, and ongoing procurement,” Nasser said in a statement.
Aramcosaid on Tuesday it would invest $3.4 billion to expand the Motiva refinery in Texas.
Beyond energy, the state oil giant has become a key vehicle for industrial development, digital transformation, and foreign investment.
It expanded existing relationships with several high-profile U.S. suppliers including SLB, Baker Hughes, GE Vernovaand Honeywell.
On the financial services front, it has forged agreements with asset management giants PIMCO, State Street Corporation and Wellington.
It also signed a deal for short-term cash investments through a unified investment fund, named ‘Fund of One’, with financial heavyweights BlackRock, Goldman Sachs, Morgan Stanleyand PIMCO.
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