Strategic investments and relationships
In addition to our in-house network we have a wide range of collaborative relationships with leading Saudi and international research universities to support us in achieving our strategic technology objectives.
We are also offering venture capital and technical support to energy and chemical start-ups aligned with achieving our business objectives.
We support collaboration through an expanding “open innovation network” that taps into cross-functional sources of scientific expertise and researchers around the world.
Our investments in, and support for, a wide spectrum of research initiatives and alliances, at home and abroad, affirm our commitment to become a global leader in the development of energy-related technologies while also supporting the creation of a knowledge-based economy in the Kingdom.
Academia and Industrial Collaboration
Collaboration with global universities and industry leaders, both domestically and internationally, provides opportunities for developing and acquiring new technologies, evolving new skills in our workforce, recruiting top talent and helping to strengthen the research capacity of in-Kingdom universities in areas aligned with our business objectives. For example, in 2015 we signed a Memorandum of Understanding with Dammam University to strengthen the university’s education, research and economic development.
Research performed as part of our multifaceted interactions with the King Fahd University of Petroleum and Minerals (KFUPM), located adjacent to our headquarters, spans upstream and downstream focus areas, including enhanced oil recovery, reservoir quality prediction, near surface seismology, drilling optimization, sub-quality gas treatment, CO2 capture and utilization and the upgrading of heavier crude oils to lighter, more valuable grades.
We are working with KFUPM to create a new College of Petroleum Engineering and Geosciences, a project that includes the construction of a new laboratory building and the establishment of a private subsidiary company under the Dhahran Techno Valley Company (DTVC) to support associated nonacademic activities. The new college will provide a collaborative and cross-disciplinary environment that will bring faculty, students and industry together to address business and technical challenges of vital importance to the petroleum industry.
Investing in energy
Our SAEV corporate capital venture subsidiary invests in startup and high-growth technology companies that offer the potential to maximize the value of our resource base, create new industries and spur job creation.
Our investment in Novomer, a U.S.-based technology company that uses CO2 as feedstock to produce high-performance, cost-effective and environmentally friendly polymers and chemicals, is a landmark step in our journey to diversify further downstream.
To further boost the spirit of innovation in the Kingdom, we participate in the Saudi Arabia Advanced Research Alliance Agreement (SAARA), an alliance formed to promote intellectual property commercialization and technology development. Our participation in this initiative includes providing project funding and technology projects for potential development to SAARA’s commercial entity known as the Research Products Development Company (RPDC), a partnership with government, academia and research.
We believe that organizations such as RPDC will bring people together and help turn their ideas into real products, generating sustained economic development and helping spur growth in the domestic R&D sector.
As part of our greater efforts to localize service and material supply services, we collaborated with the King Abdulaziz City for Science and Technology (KACST) and the Saudi Technology Development ِand Investment Company (TAQNIA), to create the Saudi Company for Research Elements (SARE), which will provide a comprehensive and robust supply chain management service for all in-Kingdom research centers and universities.