Saudi Energy Ministry, US-based NOV strike deal to spur oil & gas sector

By Amirtha P S, Desk Reporter
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Saudi Arabia’s Ministry of Energy, and the American multinational corporation, National OilWell Varco (NOV), have entered into an agreement to enhance cooperation efforts in developing applications based on polymeric materials locally, regionally and globally. 

The memorandum of understanding (MoU) was signed in the presence of Prince Abdulaziz Bin Salman, Saudi Arabia’s Minister of Energy and the Chairman of the Supervisory Committee of the Oil Demand Sustainability Program, and Mr. Clay C. Williams, CEO, Chairman and President of NOV.

The MoU aims to enhance cooperation between NOV and Saudi Arabia’s Oil Sustainability Program. The two parties also seek to enhance cooperative efforts between the program and the company to support and encourage the use of non-metallic materials from an environmental and economic aspect.

Further, the deal looks forward to enhancing the Kingdom’s status as a global supplier of petrochemicals, as per the Program’s strategy which relates to development, innovation and sustainability.

During the signing ceremony, the minister praised the follow-up and support of the Saudi Crown Prince Muhammad Bin Salman, Deputy Prime Minister, Minister of Defense, and Chairman of the Supreme Committee for Hydrocarbons, adding that this ambitious program came from the direct keenness of an ambitious person who always seeks to develop the potentials of this country, and aspires to utilize the skills of the Kingdom’s future generation, as this helped to a great deal in approving the program. 

National OilWell Varco

National OilWell Varco (NOV) is an American multinational corporation based in Houston, Texas. It is a global provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.

Related: Reliance Industries, Saudi Aramco to re-evaluate O2C investment


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