twitter linkedinfacebookacp contact us

SABIC signs three MoUs at FII to attract investments

Petrochemicals

Saudi Basic Industries Corp. (SABIC) leaders have signed three memorandums of understanding (MoUs) with international partners through the company’s national initiative, Nusaned, at the third annual Future Investment Initiative (FII) in Riyadh

The foundation for the MoUs were laid through SABIC’s Local Content and Business Development Unit, and could generate nearly US$132mn for the Saudi economy.

The agreements cover projects and companies leveraging SABIC’s products and solutions – from construction to water infrastructure, energy and industrial machinery.

The MoUs include agreements with Taqnia Energy for energy-related industries and services, smart and innovative technologies in sorption cooling, wastewater treatment, smart pole (ICORE), and smart grid solutions; Baker Hughes to enable several projects in the water treatment and chemical products required in the oil field; Aurora Motors and AlKhorayef Group to support localising high efficiency electric motors.

Fuad Mosa, SABIC vice-president, local content and business development, said, “For more than 40 years, SABIC has been a key contributor to Saudi Arabia’s economic growth. Today, we are demonstrating once again that we will continue contributing to the kingdom’s economy and promote job growth. We remain committed to working toward the ambitious goals of Saudi Vision 2030, as well as our own 2025 strategy.”

“These initiatives reflect our growing emphasis on attracting international investments to the kingdom for the benefit of citizens. Nusaned is bearing fruit as we continue to coordinate the initiative by providing logistical support, products and solutions, as well as technical support to companies that do business here in Saudi Arabia,” he added.

The oil and gas industry has been increasingly adopting AI technology in recent years, and this trend is expected to continue in the coming years. (Image source: Adobe Stock)

SmartMaster can be used with a range of ABB and third-party instruments. (Image source: ABB)

Comparison of conventional workflow with DUG MP-FWI imaging. (Image source: DUG)

The expansion is expected to increase the plant’s processing capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd). (Image source: Aramco)

Oman LNG signed various agreements with Shell Gas to secure its gas supply until 2034. (Image source: Adobe Stock)

ARO Drilling and IMI announce first Kingdom jack up rig (Image source: ARO)

GAC Saudi Arabia has extensive operations at major ports in Saudi Arabia. (Image source: GAC Saudi Arabia)

Michael Monica, director sales, marketing and customer care at GPT Industries signs the agreement with Mohamed Altaf, sale manager, Abdulla Fouad Energy Services. (Image source: Alain Charles Publishing)

Amin H. Nasser, CEO of Aramco. (Image source: Aramco)

The system can activate notification and hazard mitigation equipment to notify workers and safeguard facilities. (Image source: MSA Safety)

The new discoveries will bolster Aramco’s strategy to increase gas production by more than half over 2021 levels, through 2030. (Image source: Adobe Stock)

The use of blockchain in the oil and gas sector is set to increase substantially. (Image source: Adobe Stock)

The new technology is designed to address the challenging conditions in unconventional wells. (Image source: Adobe Stock)

Source: SafeStart

The Ampelmann A-type enabling safe offshore access in the Middle East. (Image source: Ampelmann)

Aramco has produced the first unconventional tight gas from its South Ghawar operational area ahead of schedule. (Image source: Adobe Stock)

Gaurav Khupsare, Director, MACS-G Solutions. (Image source: Alain Charles Publishing)

Tethys Oil is currently conducting final preparations ahead of the rig mobilisation for the drilling of the first exploration well on Block 58, Kunooz-1 in Fahd.

TotalEnergies and SONATRACH will develop gas resources in Algeria's north-east Timimoun region, (Image source: Adobe Stock).

By using analytics to augment and empower the workforce, pipeline operators can optimise operations and improve asset availability. (Image source: Adobe Stock)

The oil price is hovering around the US$90/bbl mark. (Image source: Adobe Stock)

The Craig International Qatar team. (Image source: Craig International)

The SuperFill II diverter reduces induced surge pressure. (Image source: Halliburton)

Among other services, KBR will offer proprietary equipment for NCIC's 1,200 metric tonnes per day ammonia plant. (Image source: Adobe Stock)

The expansion is expected to increase the plant’s processing capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd). (Image source: Aramco)

Comparison of conventional workflow with DUG MP-FWI imaging. (Image source: DUG)

ADNOC Gas recorded robust financial and operational results in 2023. (Image source: Adobe Stock)

Over 4,000 km of SoluForce pipe has been installed around the world. (Image source: SoluForce)

Block 56 is targeted for commercialisation in 2024. (Image source: Canva)

The programme will optimise asset lifecycle, enhance machinery performance and improve overall reliability. (Image source: Adobe Stock)

The use of blockchain in the oil and gas sector is set to increase substantially. (Image source: Adobe Stock)

Source: SafeStart

GAC Saudi Arabia has extensive operations at major ports in Saudi Arabia. (Image source: GAC Saudi Arabia)

The company is well positioned in 2024, with a reshaped and resilient business and a strong balance sheet. (Image source: Adobe Stock)

The vessel addresses the growing demand for accurate hydrographic data. (Image source: Fugro)

The virtual inhouse seismic processing centre will allow each of the decentralised business units of Wintershall Dea globally to collaborate efficiently and directly with DUG. (Image source: Adobe Stock)