In a challenging environment, no one player is able to succeed on its own. Collaboration enhances our competitiveness and further enables the expansion and strategic integration of our global business.
And as our business has grown into new markets and products, so too has our collaborative network expanded, encompassing other energy producers, engineering companies, service providers, equipment manufacturers, R&D institutions, and universities.
In the Kingdom, we engage and participate with key national stakeholders, including the King Abdulaziz City for Science and Technology (KACST), King Fahd University of Petroleum and Minerals (KFUPM), and King Abdullah University of Science and Technology (KAUST) in the pursuit of high impact research and technology initiatives of strategic importance to our business. Our participation centers on initiatives aimed at advancing nascent technologies, accelerating the Kingdom's ability to conduct advanced scientific research, and promoting entrepreneurship and the development of new technology enabled businesses.
In a separate project with KFUPM, we are working to establish a world‐class Petroleum Engineering and Geosciences College.
In our local region, we have signed a Memoranda of Understanding with Abu Dhabi National Oil Company (ADNOC) and with Masdar, a renewable energy and sustainable urban development company based in Abu Dhabi, UAE. With ADNOC, we plan to collaborate on identifying technologies that could deliver improved performance and efficiency across the oil and gas value chain. The agreement with Masdar enables collaboration on sustainable and renewable energy development to yield advancements in clean electricity generation and carbon capture.
Internationally, we collaborate with a network of academic and industry research partners, including the Massachusetts Institute of Technology, Stanford University, Imperial College, Tsinghua University, KAIST (the Korean Advanced Institute of Science and Technology), and IFPen on topics related to the global challenge of a sustainable energy future.