Saudi Arabian Oil Group (Saudi Aramco) has signed a number of agreements and a memorandum of understanding with French companies totaling more than $3.7 billion. This is reported in a Saudi Aramco press release.
The documents were signed as part of the Franco-Saudi negotiations on investments in the supply chain ecosystem of Aramco and Aramco Digital and include an agreement on corporate procurement of drilling equipment, an agreement on procurement of pipes for oil production and a memorandum with Aramco Digital in the field of industrial AI, virtual and digital twin technologies and related technologies, including applications in the oil and gas sector.
Saudi Arabian Oil Group (Saudi Aramco) is the national oil company of Saudi Arabia and one of the largest oil companies in the world in terms of oil production and oil reserves. The company provides 12% of the world's oil reserves, 10% of production, 14% of exports and 80% of revenues to the budget of Saudi Arabia. The headquarters is located in Dhahran.
