Saudi Aramco allocates $100m to boost R&D at KAUST

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Saudi state oil giant Aramco said on Monday that it has signed an MoU with King Abdullah University of Science and Technology (KAUST) to support research and development (R&D) initiatives aimed at delivering environmental and commercial benefits.

Aramco plans to fund up to $100m in R&D projects with KAUST over the next 10 years. The funds have been allocated for a wide range of initiatives, from essential research to applied technologies, as KAUST seeks to push the boundaries of science and innovation.

“This collaboration will further deepen Aramco’s relationship with KAUST and we look forward to exploring new possibilities and frontiers with a strong focus on R&D and technology development,” said Amin H. Nasser, Aramco president and CEO.

Aramco and KAUST’s research initiatives will focus on energy transition, sustainability, materials transition, upstream technologies and digital solutions.

The state-owned energy giant posted a second-quarter net income of $29.03bn (SAR109.01bn) in the three months to June 30, beating a company-provided median estimate from 15 analysts of $27.7bn. It declared dividends of $31.1bn for the second quarter, including $10.8bn in performance-linked payouts.

Read: Saudi Aramco Q2 profit drops 3.4% on lower volumes, refining margins