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R&D Cooperation Between Aramco, MIT

R&D Cooperation Between Aramco, MIT
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R&D Cooperation Between Aramco, MIT

R&D Cooperation Between Aramco, MIT

Aramco Services Company (ASC), the North American arm of Saudi Aramco, revealed Sunday that it had struck a $25 million-worth five-year research and development (R&D) cooperation agreement with the Massachusetts Institute of Technology (MIT).

The partnership focuses on R&D in the areas of sustainable and renewable energy, advanced materials, carbon capture, utilization and storage, environmental science, conservation and reuse of water resources, and advanced techniques including computational modeling, artificial intelligence, nanotechnologies and robotics.

“We are delighted to be collaborating with MIT which is a distinguished, world class institution recognized for its groundbreaking research excellence," said Saudi Aramco President and CEO Amin Nasser.

"Our engagement with the MIT Energy Initiative is working well and the long term potential for continuing to make significant energy technology breakthroughs is showing considerable promise.”

The collaboration underscores a mutual commitment to leveraging R&D to develop new solutions with the potential to address global energy and climate challenges, the firm said. It also builds on Aramco’s existing engagement with MIT Energy Initiative and its Low-Carbon Energy Centers.

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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP

President Vladimir Putin on Friday urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.

Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years for the first quarter of 2025, reported AFP.

The Kremlin has said this was to be expected after two years of rapid growth as it ramped up military expenditure to fund the Ukraine campaign, but officials including the country's economy minister have raised alarm about possible pain ahead.

"Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees at Russia's flagship economic forum in Saint Petersburg.

"This must not be allowed to happen under any circumstances," he said.

"We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.

The Russian economy grew in 2023 and 2024 despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.

But analysts have long warned that heavy public investment in the defense industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.

At his address to the forum on Friday, Putin was upbeat about Russia's economic prospects and denied the economy was being driven solely by the defense and energy industries.

"Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries," he said.

He said the economy needed "balanced growth" and called on officials to keep a "close eye on all indicators of the health of our industries, companies and even individual enterprises."