Saudi Aramco, Cognite set up JV to enhance industrial digitalization
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Saudi Aramco Development Co., a subsidiary of oil giant Aramco, and Cognite AS signed an agreement to establish a joint venture (JV) as part of their strategic digitalization partnership.
Aramco and Cognite will establish a new company that will focus on digitalization in Saudi Arabia and the broader Middle East and North Africa (MENA) region.
The JV will develop, distribute and deploy end-to-end digital and advanced solutions for customers across industries, including oil and gas, power and utilities, manufacturing and shipping.
The solutions will enable the digital transformation of companies through production and yield optimization, predictive maintenance, workforce digitalization, advanced safety measures and a reduced environmental footprint of industrial operations.
“The JV with Cognite aims to create advanced end-to-end digital software solutions in Saudi Arabia, which will maximize local content, contribute to GDP growth, create new jobs, accelerate digital talent development and sustain Aramco’s resilience,” Aramco Senior Vice-President of Technical Services, Ahmad Al Sa’adi, said.
Aramco and Cognite expect the JV to be operational in 2021, following receipt of all required regulatory clearances.