MOSCOW (MRC) -- Aramco and Advanced Electronics Company (AEC), a SAMI company, are collaborating to promote the localization of digital businesses in Saudi Arabia, according to Hydrocarbonprocessing.
The two companies have signed a MOU to accelerate the kingdom’s digital ecosystem development.
The partnership aims to support wider efforts to enable Internet of Things technologies, computing and communication, robotics, drones, and semiconductors that complement the expansion of the digital ecosystem at large in the kingdom.
Aramco has included the Industrial Digital Business under the industrial investment program, Aramco Namaat, which aims to complement the establishment of various digital hubs in Saudi Arabia.
The program aims to maximize local content, contribute to GDP growth, create new jobs, accelerate digital talent development, and enhance Aramco’s reliability and operational efficiency.
Ahmad Al Sa’adi, Aramco SVP Technical Services, said: “This partnership aims to help us to develop technologies and local talent as we work with leading technology providers to add value to the company and wider economy.”
The program is designed to drive increased investment, economic diversification, job creation and workforce development within the kingdom.
As MRC informed before, in June 2020, Aramco finalized its USD69 billion acquisition of a 70% stake in Saudi Basic Industries Corp., the Middle East's biggest petrochemical maker. SABIC reported more than a fivefold year-on-year increase in its Q3 net profit to USD1.49 billion thanks to higher average sales prices.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,265,290 tonnes in the first eleven months of 2021, up by 14% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,363,850 tonnes in January-November, 2021, up by 25% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding PP random copolymers decreased significantly.
Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco's value has been estimated at up to USD10 trillion in the Financial Times, making it the world"s most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.
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