Saudi Arabia’s PIF signs MoU with China’s NAE on renewable energy

Saudi Arabia’s Public Investment Fund signed an MoU with China’s National Energy Administration on renewable energy. (AFP)
Updated 24 February 2019
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Saudi Arabia’s PIF signs MoU with China’s NAE on renewable energy

  • The MoU comes as part of the strengthening of cooperation between the two entities in the field of renewable energy
  • The MoU will contribute to enabling the PIF to support and develop manufacturing, power generation and emerging technologies

Saudi Arabia’s Public Investment Fund (PIF) announced on Friday that it has signed a memorandum of understanding with China’s National Energy Administration (NAE) on renewable energy cooperation.

The MoU comes as part of the strengthening of cooperation between the two entities in the field of renewable energy and strengthening Saudi Arabia’s position as a leading center for the development of renewable energy projects.

The MoU will contribute to enabling the PIF to support and develop manufacturing, power generation and emerging technologies in the Kingdom’s renewable energy sector over the next 10 years.

This agreement reinforces PIF’s efforts to build strategic partnerships aimed at developing local infrastructure and create more jobs, encouraging private sector institutions to engage in investment and commercial partnerships in the renewable energy sector.


Saudi Aramco, Mcdermott sign deal for new oil services facility

Updated 41 min 2 sec ago
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Saudi Aramco, Mcdermott sign deal for new oil services facility

  • Aramco signed the lease with McDermott Arabia, a subsidiary of McDermott International Inc

CAIRO: Saudi Aramco signed a land lease agreement with McDermott Arabia Company on Tuesday to establish an engineering, procurement, construction, and installation facility in the King Salman International Complex for Maritime Industries in Ras Al-Khair, Saudi Arabia. 

A joint press release said that Aramco signed the lease with McDermott Arabia, a subsidiary of McDermott International Inc, to establish a fabrication facility that will be used for large scale fabrication of offshore platforms and onshore/offshore modules. 

Saudi Aramco Senior Vice President of Technical Services, Ahmad Al Sa’adi said the facility would serve as a major engineering, procurement, construction, and installation hub not only the Kingdom, but for the GCC region.