EIG and Aramco have signed a memorandum of understanding (MoU) to collaborate on future energy projects. Under the terms of the MoU, the parties will look to pursue investment opportunities in projects that advance their shared sustainability objectives, including in existing and new technologies such as alternative fuels, carbon capture, hydrogen and natural gas, transportation, and energy storage.

“As global energy demand rises, EIG is committed to balancing the twin goals of decarbonisation and reliability,” said R. Blair Thomas, EIG’s Chairman and CEO.

“As part of this effort, we are thrilled to have the opportunity to work with an industry leader as relevant as Aramco on the pathway to decarbonising the energy sector. We are fortunate to be an existing partner with Aramco on critical infrastructure in the energy complex and we look forward to building on that partnership as it relates to the future path of our industry.”

“This MoU encompasses one of many important steps in the global effort to address climate change, and we look forward to working with Aramco to create meaningful improvements in the delivery of affordable and reliable clean energy solutions to people around the world,” said Emily Rodgers, EIG’s Director of ESG.

“This MoU further strengthens our relationship with EIG and has potential to drive new investment towards low emission energy solutions, which both support economic growth and contribute to the broader energy transition,” said Abdulaziz M. Al Gudaimi, Aramco Senior Vice President of Corporate Development.

The MoU announcement follows last year’s successful closing of a $12.4 billion infrastructure investment deal between Aramco and an international consortium led by EIG, involving the lease and leaseback of oil pipeline infrastructure from Aramco.