Record dealmaking: Saudi Aramco signs 34 agreements worth $90b with US giants

Dubai: Saudi Arabia’s state energy company Aramco has signed 34 agreements with major US companies, potentially worth a total of $90 billion.

The deals, announced on May 14, aim to boost Aramco’s long-term growth strategy and expand its presence across a wide range of sectors, from traditional oil and gas to artificial intelligence and manufacturing.

The memoranda of understanding (MoUs) and commercial agreements were signed through Aramco and its group companies, covering areas such as liquefied natural gas (LNG), fuels, petrochemicals, emissions-reduction technologies, AI, equipment procurement, and financial services.

Some of the largest collaborations are tied to Aramco’s downstream business, which includes refining and chemicals. US-based Honeywell UOP, Afton Chemical, ExxonMobil, and Motiva — which operates the largest refinery in the US and is wholly owned by Aramco — are among the firms involved.

ExxonMobil and Aramco signed an MoU to evaluate an upgrade of the SAMREF refinery in Yanbu and potentially expand it into a major petrochemical complex. Other deals focus on licensing new technology and supplying chemical additives.

On the upstream side, Aramco is also expanding into LNG. It signed agreements with Sempra Infrastructure, Woodside Energy, and NextDecade for potential investments and long-term LNG purchases from US export facilities in Texas and Louisiana. These projects are still subject to final investment decisions.

Aramco is also pursuing advanced digital transformation projects through deals with several major US tech firms. It signed a strategic framework agreement with Amazon Web Services (AWS) focused on cloud computing and lower-carbon technologies.

A separate MoU with NVIDIA targets the creation of industrial AI infrastructure, an AI hub, and a center of excellence for robotics and engineering in the Kingdom. Aramco Digital and Qualcomm also plan to explore smart industrial use cases using next-generation 5G and AI-connected devices.

In addition to core operations, Aramco signed supply agreements with US-based service providers and equipment manufacturers such as Halliburton, Baker Hughes, SLB (formerly Schlumberger), and GE Vernova. These companies support Aramco’s ongoing projects through equipment supply, drilling services, and maintenance.

Another agreement with Guardian Glass aims to localize high-end glass production for architectural use within Saudi Arabia — part of Aramco’s broader push to develop local industry and reduce reliance on imports.

The company also strengthened its financial partnerships through its investment arm, Wisayah. It signed asset management agreements with global firms like PIMCO, State Street, and Wellington. Aramco will also use a new pooled investment structure, the “Fund of One,” to make short-term cash investments with asset managers including BlackRock, Goldman Sachs, and Morgan Stanley.

Aramco President & CEO Amin H. Nasser said the wide range of deals reflects the company’s evolving ties with the US, which date back to the 1930s. “As Aramco pursues an ambitious value-driven growth strategy, we believe that aligning with world-class partners supports further development of our operations, strategic diversification of our portfolio, industrial innovation, and ongoing capability development within the Kingdom,” he said.

The announcement follows years of increasing collaboration between Saudi Arabia and the US in areas beyond oil, and signals Aramco’s intention to stay competitive in both traditional and emerging sectors.