Aramco and KAUST executives during the memorandum of understanding (MOU) signing ceremony. Credit: Saudi Arabian Oil.

Saudi Arabian oil company Aramco has entered into an MOU with King Abdullah University of Science and Technology (KAUST). 

Over the next ten years, Aramco plans to fund $100m (Sr375.47m) in a research and development (R&D) project with KAUST. 

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Aramco’s funding has been allocated to various initiatives including critical research and practical technologies. 

The collaboration will focus on energy transition, sustainability, materials innovation, upstream technologies and digital solutions, with a strong emphasis on achieving commercially viable results. 

Within the energy transition field, key areas of focus include liquids-to-chemicals conversion, future refineries research and the development of low-carbon aviation fuels. 

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Sustainability research will cover hydrogen, carbon capture and storage, renewable energy and energy storage solutions.  

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Additionally, future projects are expected to explore advanced carbon materials and geothermal energy, among other areas. 

Aramco president & CEO Amin Nasser said: “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.”  

KAUST president Tony Chan said: “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.” 

Last week, Aramco agreed to acquire an extra 22.5% stake in Rabigh Refining and Petrochemical (Petro Rabigh) on the west coast of Saudi Arabia for $702m.  

The oil company is buying additional stake from Japan’s Sumitomo Chemical. 

Upon completion of the transaction, Aramco will hold a 60% majority stake in Petro Rabigh, while Sumitomo will retain a 15% share. 

Petro Rabigh has faced significant financial difficulties, accumulating losses of $2.36bn by the end of June, which amounts to more than 53% of its share capital.  

According to Saudi law, if a joint-stock company’s losses exceed half of its issued capital, it is required to propose a plan to address these losses within 60 days.