Saudi Aramco has signed five agreements with French companies, including an agreement to explore a hydrogen-powered vehicle business with Gaussin, the oil giant said in a statement on Saturday.
"The agreement between Aramco and Gaussin aims to establish a modern manufacturing facility for on-road and off-road hydrogen powered vehicles in the Kingdom of Saudi Arabia," the statement added.
Other agreements have covered the areas of carbon capture technology, artificial intelligence and local manufacturing.
The agreements were signed during an event in Jeddah, organized by the Ministry of Investment to explore investment opportunities for French companies in Saudi Arabia.
The event was attended by Saudi Minister of Investment Khalid Al Falih and Franck Riester, Minister Delegate for Foreign Trade and Economic Attractiveness of France, along with Aramco President and CEO Amin H. Nasser.
“This partnership is a continuation of Aramco’s long-standing relationship with a number of leading French companies. It represents an opportunity to promote hydrogen as a low-carbon solution, not just for motorsport, but eventually for mass transportation as well,” said Nasser.
“Such collaboration helps us to advance economic growth in the Kingdom as part of the Namaat industrial investment program and takes us a step closer to our shared vision of a more sustainable future.”