Energy companies commit billions in projects during Trump’s Middle East tour

Tens of billions of dollars of energy projects and partnerships have been announced on the first two days of US President Donald Trump’s whistle-stop tour of the Middle East – the first state visits of his second term.

Energy companies from the region as well as the United States have committed to more than $100 billion in various initiatives on two busy days of lavish ceremonies and deals in the Kingdom of Saudi Arabia and Qatar, reflecting the opportunities for mutual cooperation for the industry as well as aligning with President Trump’s “Energy Dominance” agenda. Similar agreements and deals are also expected when President Trump visits the UAE later on Thursday. Here’s a quick look at the announcements so far:

DOE and Saudi Ministry of Energy sign agreement

The US Department of Energy and the Ministry of Energy of the Kingdom of Saudi Arabia have concluded an agreement for cooperation in the field of energy, according to the White House. The agreement builds upon their strong existing relationship; it will focus collaboration on examining the potential for innovation, development, financing, and deployment of energy infrastructure, it said.

Aramco to invest $90 billion through 34 agreements

Aramco has announced the signing of 34 Memoranda of Understanding (MoUs) and agreements, with a potential total value of $90 billion, with major US companies, through its Aramco Group Companies.

The MoUs and agreements cover collaborations and partnerships relating to a range of Aramco’s activities, including Liquefied Natural Gas (LNG), fuels, chemicals, emission-reduction technologies, Artificial Intelligence (AI) and other digital solutions, manufacturing, asset management, short-term cash investments, and procurement of materials, equipment, and services. The MoUs and agreements aim to build on the longstanding relationship between Aramco and US companies, enhance shareholder value, and foster further collaboration and innovation in the energy sector and beyond.

Some of the highlights of Aramco's deals include: 

• Honeywell UOP: MoU related to technology licensing for an aromatics project.
• Motiva: MoU related to an aromatics project in Port Arthur, subject to a final investment decision.
• Afton Chemical: MoUs related to development and supply of chemical fuel additives in pipelines and retail fuel offerings.
• ExxonMobil: MoU related to evaluating a significant upgrade to the SAMREF refinery and expanding the facility into a world-class integrated petrochemical complex.
• Sempra Infrastructure: MoU related to previously announced HOA regarding liquified natural gas (LNG) equity and offtake stake in Port Arthur LNG 2.
• Woodside Energy: Collaboration Agreement to explore global opportunities, including an equity interest and LNG offtake from the Louisiana LNG project. Additionally, both companies are exploring opportunities for a potential collaboration in lower-carbon ammonia.
• NextDecade: Final Agreement to purchase 1.2 million tonnes per annum of LNG for a 20-year term from Train 4 of the Rio Grande LNG Facility, subject to certain conditions, including a positive final investment decision of Train 4.
• Amazon/AWS: non-binding Strategic Framework agreement related to collaboration on digital transformation and lower-carbon initiatives.
• Procured Materials and Services: MoUs were signed to reflect the existing relationships with strategic US suppliers such as SLB, Baker Hughes, McDermott, Halliburton, Nabors, Helmerich & Payne, Valaris, NESR, Weatherford, Air Products, KBR, Flowserve, NOV, Emerson, GE Vernova, and Honeywell. 

DataVolt to invest $20 billion in AI data centres

Saudi Arabian DataVolt is moving forward with plans to invest $20 billion in AI data centres and energy infrastructure in the United States, according to a White House statement. The agreement with Super Micro Computer (Supermicro) includes a multi-year partnership for delivering GPU platforms and rack systems for DataVolt’s “hyperscale AI campuses” in Saudi Arabia and the US. “We are thrilled to partner with Supermicro and build on the strong foundations laid in these first 100 days of the Trump Administration,” said Rajit Nanda, CEO of DataVolt. 

GE Vernova announces $14.2 billion initiatives

GE Vernova Inc. has announced initiatives worth up to $14.2 billion for its energy equipment technology and services to support power generation and grid stability projects. The announcements include up to $2 billion in backlog or on a reservation agreement as of the first quarter of 2025, with future contracts and memorandums of understanding (MoUs) for agreements spanning across the next four years. The initiatives are expected to play a strong role in supporting the Kingdom to achieve its energy goals under Saudi Vision 2030 and transition to net zero by 2060.

“As the world's energy equipment manufacturer, GE Vernova is proud to deploy world class technology to help deepen the longstanding relationship between the United States and the Kingdom of Saudi Arabia, advance energy security, and strengthen the economic prosperity and competitiveness of both nations,” said Scott Strazik, CEO of GE Vernova.

The collaborations include initiatives with Saudi Electricity Company (SEC) spanning the supply of highly efficient and flexible heavy duty gas turbines, and with Aramco to provide maintenance services, repairs, spare parts, and more to support the reliable operations of various power plants around the Kingdom.

ACWA Power signs agreements worth $500 million

ACWA Power, the world’s largest private water desalination company, has announced MoUs worth $500 million with US companies, to build on the company’s existing partnerships with American firms which now exceed $6 billion.

"ACWA Power’s strategy is driven by value-driven partnerships like these. Access to cutting-edge technology and expertise is critical as we diversify our portfolio, expand into new markets, and achieve our objectives in meeting net zero by 2050,” added Marco Arcelli, Chief Executive Officer of ACWA Power.

Strengthening its leading role in solar energy, ACWA Power will collaborate to deploy advanced tracker technologies for photovoltaic solar energy projects. The partnership aims to reduce energy costs and increase local production capabilities.