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Saudi Aramco signs 5 agreements with French companies

Oil hits $105 a barrel as Russia invades Ukraine

Saudi Aramco announced the signing of five agreements with renowned French firms, including one with JOSE, a leader in clean and smart mobility solutions, to explore the commercial potential in hydrogen-powered vehicles.

The agreements were inked during seminars held by the Ministry of Business in Jeddah to explore investment potential in the Kingdom for French companies.

The Saudi Minister of Investment, Eng. Khalid Al-Falih, the French Minister Plenipotentiary for Foreign Trade and Economic Attraction, Franck Riester, Saudi Aramco President and CEO, Amin Al-Nasser, and several business officials and heads of French enterprises were present at the signing.

The agreements that were reached include the start of a prestigious collaboration with a company like “JOSE” to promote hydrogen and market it as a transportation alternative.

Other partnerships announced on Sunday aiming to strengthen Saudi Aramco’s research and development in areas like carbon capture technology, artificial intelligence, and local manufacturing.

French President Emmanuel Macron on Saturday visited Saudi Arabia, where he reviewed aspects of Saudi-French relations and areas of partnership with Saudi Crown Prince Mohammed bin Salman, as well as prospects for bilateral cooperation and development opportunities.

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