Saudi Aramco has signed a memorandum of understanding (MoU) with King Abdullah University of Science and Technology (KAUST) to boost research aimed at achieving environmental and commercial benefits, reported the Saudi Press Agency (SPA).
Aramco is currently planning to fund up to $100 million over the next 10 years in research and development projects with KAUST.
“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,” Amin H. Nasser, Aramco President & CEO, said.
The Funding
According to Aramco’s statement, the funding will be allocated to a wide range of promising initiatives, from basic research to applied technologies, in line with KAUST’s pursuit to stimulating more efforts in innovation and technology.
KAUST’s previous President Tony Chan stated that the deal emphasizes KAUST‘s dedication to strengthening 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,” Chan added.
Cooperation Areas
The main areas of collaboration include:
- Energy transition
- Sustainability
- Materials transition
- Upstream technologies and digital solutions
- Developing commercially viable outcomes
Energy Transition
The energy transition boasts several topics such as:
- Liquids-to-chemicals conversion
- Future refineries research
- Low-carbon aviation fuels.
Sustainability
Sustainability research will include hydrogen, carbon capture and storage, renewables, and energy storage solutions.
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