Saudi Arabia and France sign major energy and industry agreements

A series of agreements, memoranda of understanding, and financing solutions were signed in Paris between Saudi Arabia and France in the energy and industry sectors, during the Saudi-French roundtable held as part of Crown Prince and Prime Minister Mohammed bin Salman's visit to France.

The agreements included purchase contracts between Saudi Aramco and French companies SLB and Vallourec to supply oil and gas well drilling materials and specialized steel pipes for oil and gas fields, with a total value of approximately $3.7 billion.

In the digital technology sector, Aramco Digital signed a memorandum of understanding with France's Dassault Systèmes to collaborate on artificial intelligence and digital twin technologies, with potential applications in the oil and gas industry under study.

In the electricity sector, the Saudi Energy Company signed a cooperation and financing agreement with French investment bank Bpifrance to support the development and modernization of Saudi Arabia's electricity grid. This follows a previous memorandum of understanding signed in November 2025 to establish a financial facility of up to $3 billion to fund the company's purchases and electricity infrastructure projects.

Advanced financing solutions and export support

Additionally, the Saudi Export-Import Bank signed a tripartite memorandum of understanding with Saudi Group and French bank Crédit Agricole CIB to arrange financing solutions for the group's acquisition of new Airbus aircraft. The memorandum highlights the Saudi bank's role as an export credit agency, providing insurance coverage for credit risks associated with the deal.

These significant steps are expected to open new international financing channels for companies and projects linked to Saudi exports, while supporting Saudi Group's plans to expand and modernize its fleet and enhance its operational capabilities in global markets.