The 50:50 joint venture plans to invest around US$1 billion over the next six years in the Saudi fuel retail market.
The signing took place on the sideline of the inauguration ceremony of the National Industrial Development & Logistics Program (NIDLP).
Saudi Aramco and Air Products will establish a pilot fleet of fuel cell vehicles for which high-purity compressed hydrogen will be dispensed at the new fuelling station.
The JV company will market and provide integrated defensive cybersecurity software and hardware capabilities, and perform research and development activities.
The King Salman Energy Park will target exploration, production, refining, petrochemicals, conventional power and water production and treatment.
Amin H. Nasser told delegates that the company’s objective is to bring its downstream business to the same level as its upstream.