RIYADH: Saudi Aramco signed five initial deals as it plans to expand its focus on emerging sectors to drive private sector innovation and investment, Arab News quoted its statement, as saying, during the Future Investment Initiative.

“The company is pursuing investment opportunities in projects that could potentially reduce Greenhouse Gas (GHG) emissions, following the recent announcement of its ambition to achieve net-zero Scope 1 and Scope 2 GHG emissions across its wholly-owned operated assets by 2050,” it said.

The deals are expected to complement Aramco’s continued investments in oil and gas, with further announcements on its Jafurah gas program expected in the near future, it added.

Amin Nasser, Aramco President and CEO, said: “Our plans illustrate our focus on developing innovative projects and investments, which support our long-term business strategy and aim to have a positive impact. Collaboration will be crucial in promoting the economic development and creating new opportunities, as we expand our portfolio, diversify our business, advance low-carbon energy technologies and develop sustainable solutions.”

To move its program forward, Aramco has signed five Memoranda of Understanding (MoUs) with the following companies:

Modern Industrial Investment Holding Group and Intercontinental Energy, an MoU to develop a green hydrogen and ammonia project in Saudi Arabia;

South Pole Carbon Asset Management Ltd. and Yousef Abdulrahman AlDhabyan Agricultural Est.

(YADGREEN), two separate MoUs to evaluate the feasibility of establishing a National Green Services Company to develop and innovate nature-based solutions (NBS) that help reduce greenhouse gas emissions;

BFG, an MoU focused on localizing the manufacturing of advanced nonmetallic building materials, as well as collaboration in research and development;

ABB, an MoU to explore localisation of digital technologies for oil and gas applications, including domestic capacity building in the Process Automation System (PAS) and instrumentation fields.