Saudi Aramco has signed 34 preliminary agreements with major U.S. companies, potentially worth up to $90 billion, in a move to strengthen commercial ties with the United States.
The deals were announced during the U.S.-Saudi Investment Forum in Riyadh, which coincided with President Donald Trump’s four-day visit to the Gulf region. Many of the agreements are memorandums of understanding, with some previously disclosed, such as Aramco’s long-term deal with NextDecade to purchase 1.2 million tonnes of liquefied natural gas annually over a 20-year period.
These agreements reflect Saudi Arabia’s strategic intent to attract foreign investment and enhance global partnerships, particularly in energy, technology, and industrial development, as part of its Vision 2030 economic diversification plan. Aramco CEO Amin Nasser emphasized the value of U.S. investments, noting the country remains an attractive destination for Saudi capital.
Among the deals, Aramco partnered with Nvidia to develop advanced industrial AI infrastructure, including the creation of an AI hub, an engineering and robotics center, and workforce development programs. A separate agreement with ExxonMobil involves evaluating the expansion of their SAMREF refinery into an integrated petrochemical complex.
Additionally, Aramco is set to collaborate with Amazon Web Services on digital transformation and carbon reduction initiatives, while a partnership with Qualcomm focuses on enhancing industrial network and AI capabilities.
Aramco also announced a $3.4 billion investment to expand the Motiva refinery in Port Arthur, Texas, underlining its continued commitment to energy infrastructure in the U.S. Beyond energy, the company is deepening ties in industrial development and digital transformation, reinforcing its evolving role as a catalyst for broader economic growth.
It has broadened cooperation with key American suppliers such as SLB, Baker Hughes, GE Vernova, and Honeywell. In the financial services sector, Aramco has struck agreements with asset management firms including PIMCO, State Street, and Wellington.
It also signed a deal to facilitate short-term cash investments through a newly formed unified investment vehicle known as the “Fund of One,” involving BlackRock, Goldman Sachs, Morgan Stanley, and PIMCO.
Despite the flurry of deals, Aramco’s shares have declined by nearly 9% this year, highlighting the market’s cautious stance as the company navigates both energy transition challenges and ambitious diversification goals. Nevertheless, these new agreements reinforce Aramco’s role as a central player in driving industrial and technological collaboration between Saudi Arabia and the United States.
