- $100M Investment: Aramco commits $100 million to KAUST for cutting-edge R&D over the next decade.
- Focus Areas: Energy transition, sustainability, and advanced technologies are key collaboration areas.
- Strategic Partnership: This MoU deepens Aramco’s relationship with KAUST, aiming to develop commercially viable solutions.
Aramco has signed a Memorandum of Understanding (MoU) with King Abdullah University of Science and Technology (KAUST), pledging up to $100 million over the next 10 years to fund research and development (R&D) initiatives. This partnership aims to accelerate innovation in Saudi Arabia and tackle pressing global and local challenges, particularly in energy transition and sustainability.
Amin H. Nasser, Aramco President & CEO, emphasized the significance of the collaboration: “This collaboration will further deepen Aramco’s relationship with KAUST and we look forward to exploring new possibilities and frontiers with a strong focus on R&D and technology development, reflecting our firm belief in the importance of innovation across industries and applications.”
The partnership is set to cover various critical areas, including:
- Energy Transition: Focus on liquids-to-chemicals conversion, future refineries, and low-carbon aviation fuels.
- Sustainability: Research in hydrogen, carbon capture and storage, renewables, and energy storage solutions.
- Advanced Technologies: Projects to develop advanced carbon materials, geothermal energy, and more.
Tony Chan, KAUST President, underscored the importance of the collaboration, stating, “The partnership exemplifies KAUST’s dedication to fostering impactful research that drives technological advancements and addresses real-world challenges. Our collaboration with Aramco will leverage our combined expertise to develop innovative solutions for a sustainable future.“
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This strategic partnership not only strengthens the ties between Aramco and KAUST but also underscores their shared commitment to creating commercially viable solutions that support global energy transition and sustainability goals.