Saipem signs MoU with Saudi Aramco

Energy group Saipem has signed an agreement with Saudi Aramco to examine setting up a company to do engineering, procurement and construction work in Saudi Arabia. The project is part of the Saudi Aramco’s industrial investment program (Namaat Aramco) for the economic growth and diversification in the country. The Program includes 22 memoranda of understanding in sectors such as energy and the chemicals supply chain with a series of companies including: Solvay (development of advanced non-metallic materials and the localization of the complex value chain), DHL Supply Chain Company (to assess the feasibility of setting up an industrial supply and logistics center serving the Kingdom and the Middle East), Veolia (to ascertain the commercial viability of creating a worldclass integrated waste management company, along with a strategic entity in the Kingdom), Air Liquide, Halliburton and the Public Investment Fund, Baker Hughes and the Public Investment Fund, Lind and Schlumberger and the Public Investment Fund – 3 separate, non-binding MOUs to evaluate CCS opportunities and potential partnerships. In a statement on Tuesday Saipem said any new company, set up with local partners, would work in energy and infrastructure with the aim of creating an “EPC national champion”.