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NOV and OSP sign agreement to drive cooperation and awareness

HRH Minister of Energy signs a Memorandum of Understanding (MoU) for the Oil Sustainability Program focused on the development and application of polymer-based materials

Dec 06, 2021

HRH Prince Abdulaziz bin Salman, Minister of Energy, Chairman of the Supervisory Committee of the Oil Sustainability Program (OSP), and Clay C. Williams, Chairman, President and Chief Executive Officer of NOV Inc. (NYSE: NOV) signed an MoU between OSP and NOV to drive cooperation and enhance the evolving oil and gas industry globally.

Through this collaboration and in-line with the OSP’s strategic pillars of development, innovation, and sustainability, the OSP and NOV will work together to bring market awareness to polymer-based products, and develop standards to promote the use of such products at the local, regional, and international levels.

This MoU brings OSP and NOV together to advance the use of cost-effective nonmetallic materials and reinforce the Kingdom’s position as a world-leading supplier of petrochemicals.

The OSP is a program under the umbrella of the Supreme Committee for Hydrocarbon Materials of the Government of the Kingdom of Saudi Arabia. It has identified and prioritized ~50 opportunities in the transportation, utilities, and materials sectors promoting sustainability, development, and innovation. OSP aims to enable the use of polymer-based materials, and support the localization of the relevant value chains in the Kingdom.

NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

Clay C. Williams and HRH Prince Abdulaziz bin Salman shaking hands