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Vallourec signs a Memorandum of Understanding with the Ministry of Investment of Saudi Arabia

Vallourec is pleased to announce the signature of a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA).
06/26/2023
OCTG

Vallourec is pleased to announce the signature of a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA). The signing took place on June 19, 2023, as part of the French-Saudi investment forum held in Paris.

Following the Group's recent successes in Saudi Arabia, in particular the ten-year contract won from oil company Saudi Aramco for the supply of premium casing tubes and services, this agreement testifies to Vallourec's close ties with the Kingdom, where the Group has been present through its Vallourec Saudi Arabia (VSA) plant located in Dammam since 2011. 
 
The MoU provides for close support from MISA in the expansion of Vallourec's activities in Saudi Arabia, which includes increasing its local presence and deploying its latest innovations, in the fields of energy transition (CO2 Capture, Utilization and Storage, hydrogen storage and transport), additive manufacturing and the circular economy. 

"The signing of this MoU and the warm welcome extended by His Excellency Khalid A. Al-Falih and his entire team is a strong sign of our active collaboration with the Saudi authorities to prepare Vallourec's expansion in Saudi Arabia. We are in line with our Saudi partners' "VISION 2030" plan and are strengthening our presence to meet the Kingdom's growing needs.”
Philippe Guillemot
Chairman and CEO of Vallourec