Aramco to Invest $100 Million in KAUST for R&D Projects
The funding will support a range of initiatives at KAUST, focusing on research and applied technologies with both environmental and commercial benefits.
Aramco has signed a memorandum of understanding (MoU) with King Abdullah University of Science and Technology (KAUST) to fund up to $100 million in research and development (R&D) projects over the next ten years.[1]
The funding will support a range of initiatives at KAUST, focusing on research and applied technologies with both environmental and commercial benefits. Key areas of collaboration include the energy transition, sustainability, materials transition, upstream technologies, and digital solutions, with an emphasis on developing practical outcomes.
Research topics under the energy transition include liquids-to-chemicals conversion, future refineries, and low-carbon aviation fuels. In the sustainability field, projects will cover hydrogen, carbon capture and storage, renewables, and energy storage solutions. Other areas of research will focus on advanced carbon materials and geothermal energy.
In June, Saudi Aramco's highly anticipated $12 billion share sale witnessed a surge in demand with all shares being snapped up mere hours after the deal opened.
The price of one share ranged between SAR 26.70 ($7.12) and SAR 29 ($7.73).
The offering coincides with OPEC+'s decision to extend production cuts into 2025.
During Aramco's 2019 IPO, global investors mainly balked at valuation estimates, leaving the government reliant on domestic buyers. The $29.4 billion IPO received $106 billion in orders, with international purchasers receiving approximately 23% of the shares.
In May, Saudi Arabia announced that it was planning a multi-billion-dollar share sale in the energy giant Aramco.