Aramco signs over $3.7bn in agreements with French firms

Saudi Aramco has expanded its cooperation with French companies by signing agreements with a combined potential value of over $3.7 billion. The deals were announced during a Saudi-French investment roundtable in Paris on August 24. The partnerships focus on drilling equipment, specialized oilfield products, and industrial artificial intelligence.

Aramco president and CEO Amin H. Nasser attended the roundtable. The agreements come as part of a broader effort by Saudi Arabia and France to strengthen investment and industrial partnerships during Crown Prince Mohammed bin Salman's official visit to France. The package includes a corporate procurement agreement for drilling equipment and a purchase agreement for oil country tubular goods (OCTG), which are crucial for oil and gas wells.

A separate memorandum of understanding with Aramco Digital aims to foster cooperation in industrial artificial intelligence, virtual twin, and digital twin technologies. These technologies help monitor performance, simulate operating conditions, and improve maintenance planning in the oil and gas industry. The agreements highlight Aramco's commitment to integrating digital technology into its operations to enhance efficiency, reliability, and supply-chain resilience.

The deals also underscore the increasing importance of long-term procurement arrangements with international suppliers amid volatile energy markets. The French agreements were revealed amid growing economic ties between Riyadh and Paris, with Saudi Arabia encouraging international investment for diversification and technological advancements.