In a major step toward strengthening its international footprint, Saudi Aramco has announced plans to invest $3.4 billion to expand its refinery operations in the United States. The move underscores the energy giant’s strategy to enhance its role in the global integrated energy supply chain.
Speaking at the Saudi-US Investment Forum, Aramco CEO Amin Nasser emphasized the importance of this investment, describing the US as a “very attractive destination” for energy-related ventures. “The US is really a good place to put our investment,” Nasser noted, highlighting the nation’s robust infrastructure, regulatory framework, and market potential.
This multi-billion-dollar investment signals Aramco’s commitment to diversifying its portfolio and boosting downstream capabilities, particularly in refining and petrochemical operations. The company’s US expansion aligns with its broader vision of becoming a more dominant player in the global energy landscape, especially as global energy demand evolves.
Strategic LNG Deal with Sempra Energy
In addition to refinery expansion, Aramco is also making significant strides in the liquefied natural gas (LNG) sector. As part of its participation in the forum, Aramco confirmed plans to enter a long-term agreement with US-based Sempra Infrastructure to secure LNG supplies.
The agreement entails the annual supply of 6.2 million tons of LNG, a crucial element of Aramco’s larger goal to secure 7.5 million tons per year in LNG offtake by 2030. This strategic alliance positions Aramco as a key player in the global LNG market, a sector experiencing accelerated growth due to increasing demand for cleaner energy sources.
Nasser noted that natural gas, particularly in its liquefied form, plays a central role in the global energy transition. “This partnership with Sempra reinforces our ambition to be a major LNG player by the end of the decade,” he said.
Investments in Global Tech Giants
Beyond the energy sector, Aramco is also channeling significant investments into advanced technology. CEO Amin Nasser revealed that the company has formed strategic partnerships with leading global tech firms including Nvidia, Google, IBM, and Qualcomm.
These collaborations are focused on integrating cutting-edge technologies into Aramco’s operations, from artificial intelligence and data analytics to machine learning and digital automation. By investing in these innovations, Aramco aims to enhance operational efficiency, reduce environmental impact, and foster digital transformation across its value chain.
“Our collaboration with top-tier tech firms is about more than just adopting technology,” Nasser explained. “It’s about building long-term innovation pipelines that support our sustainability and productivity goals.”
ACWA Power: Revolutionizing Renewable Energy Costs
At the same forum, Mohammad Abunayyan, Chairman of the Board of Directors of ACWA Power, highlighted significant milestones in renewable energy development. He revealed that the company has achieved remarkable reductions in the cost of power generation from renewable sources.
According to Abunayyan, ACWA Power has succeeded in cutting the cost of solar electricity production by 90% and wind energy production by over 60%. These reductions mark a breakthrough in making renewable energy more affordable and accessible at scale.
“This is not just an incremental improvement,” Abunayyan said. “We have redefined the economics of renewable energy. Our solar and wind projects now deliver energy at costs previously thought impossible.”
Future Focus: Affordable Energy Storage
Looking ahead, ACWA Power is now focused on achieving similar cost reductions in energy storage technologies. Abunayyan shared the company’s vision to make battery and hydrogen storage more viable as mainstream energy solutions.
Energy storage is considered a key enabler of renewable energy reliability, especially in balancing supply during periods of intermittent generation. As such, advancements in this area could propel the widespread adoption of clean energy across global markets.
“We are committed to making energy storage as cost-effective as renewables,” Abunayyan stated. “Our goal is to ensure that renewable energy becomes a permanent, stable backbone of the electricity grid.”
Towards a Sustainable Energy Future
Both Aramco and ACWA Power’s announcements at the Saudi-US Investment Forum illustrate a shared commitment to leading the global energy transition. While Aramco is expanding its influence in traditional and transitional fuels such as oil and LNG, it is also investing in digital innovation and environmental sustainability. Meanwhile, ACWA Power is setting new standards for affordability and efficiency in renewable energy.
Together, these efforts reflect Saudi Arabia’s broader strategy to diversify its economy and support global sustainability initiatives. By investing in international markets and pioneering cost-effective energy solutions, Saudi companies are positioning themselves as central players in the future of global energy.
The developments discussed at the forum also underscore the growing strategic partnership between Saudi Arabia and the United States. From infrastructure and technology to clean energy and LNG supply, both countries are exploring new ways to deepen economic and industrial cooperation.