Saudi Aramco Signs 5 Agreements with French Firms

Saudi Aramco has signed five agreements with French companies, including an agreement to explore a hydrogen-powered vehicle business with Gaussin. Photo courtesy of Aramco website
Saudi Aramco has signed five agreements with French companies, including an agreement to explore a hydrogen-powered vehicle business with Gaussin. Photo courtesy of Aramco website
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Saudi Aramco Signs 5 Agreements with French Firms

Saudi Aramco has signed five agreements with French companies, including an agreement to explore a hydrogen-powered vehicle business with Gaussin. Photo courtesy of Aramco website
Saudi Aramco has signed five agreements with French companies, including an agreement to explore a hydrogen-powered vehicle business with Gaussin. Photo courtesy of Aramco website

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.”



Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.