Aramco to Invest $100m in KAUST to support cutting-edge R&D
London, August 12, 2024, (Oilandgaspress) ––Aramco, one of the world’s leading integrated energy and chemical companies, has signed a Memorandum of Understanding (MoU) with King Abdullah University of Science and Technology (KAUST) to support research that aims to deliver environmental and commercial benefits.
Aramco plans to fund up to $100 million in research and development projects with KAUST over the next 10 years. The funds from Aramco have been earmarked for a wide range of initiatives, from essential research to applied technologies, as KAUST seeks to push the boundaries of science and innovation.
Amin H. Nasser, Aramco President & CEO, 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.”
Tony Chan, KAUST President, 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.”
Areas of collaboration include the energy transition, sustainability, materials transition, upstream technologies and digital solutions, with an emphasis on developing commercially-viable outcomes.
Topics identified within the energy transition field include liquids-to-chemicals conversion and future refineries research, as well as low-carbon aviation fuels. Sustainability research will include hydrogen, carbon capture and storage, renewables, and energy storage solutions. Additional projects are expected to focus on advanced carbon materials and geothermal energy, among other things.
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