Saudi Aramco and Japan's Sumitomo Corporation (SC) today entered a new phase of their existing business relationship with the signing of a memorandum of understanding (MoU) which will see both parties promote long-term cooperation to contribute to the realization of Saudi Vision 2030 and to explore the possibility of collaboration in various areas such as manufacturing, chemicals, and new technology industries.
The agreement was signed in conjunction with HRH Deputy Crown Prince Mohammad Bin Salman's visit to Japan.
Representing Saudi Aramco was its President and Chief Executive Officer, Amin H. Nasser while signing on behalf of Sumitomo Corporation was Kuniharu Nakamura, President and Chief Executive Officer.
“Saudi Aramco and Sumitomo have always enjoyed a close business relationship which has been mutually beneficial. Our portfolio of joint ventures and collaborations have resulted in operational efficiency, transfer of technology, value adding towards industrial capabilities, and accelerated economic growth especially in localities where these ventures are present. Today's agreement will reinforce these elements and more importantly, support Saudi Vision 2030,” said Nasser.
Under the MoU, the companies will explore the potential for:
- local manufacturing of steel products as well as non-ferrous, such as industrial steel and tubular products, including alloy materials.
- jointly developing new businesses or products, including but not limited to, oil field chemicals as well as expertise of logistics for offshore structures.
- training to develop high profile industrial human resources.
SC is one of the major trading Japanese companies and enjoys a close business relationship with Saudi Aramco by playing an important role in maintaining a stable energy supply through its Oil Country Tubular Goods (OCTG) business.