Signing of a Memorandum of Understanding with Saudi Aramco(1/1)
September 2, 2016
Sumitomo Mitsui Banking Corporation
SMBC Nikko Securities Inc.
Signing of a Memorandum of Understanding with
Tokyo, September 2, 2016 -- Sumitomo Mitsui Banking Corporation (SMBC, President and CEO: Takeshi Kunibe) and SMBC Nikko Securities Inc. (President and CEO: Yoshihiko Shimizu) announced today that they have signed a Memorandum of Understanding (MOU) with Saudi Arabian Oil Company (President and CEO: Amin H. Nasser) on September 1, 2016 for the purpose of cooperating with Saudi Aramco and engaging in areas of mutual benefit to both parties as part of Saudi Aramcofs contribution to Saudi Arabiafs Vision 2030.
Saudi Arabia is the largest supplier of crude oil to Japan. Saudi Aramco manages the worldfs largest proven conventional crude oil and condensate reserves, and is also the worldfs largest producer and exporter of crude oil.
SMBC began operating in Saudi Arabia in the early 1990s and has been endeavouring to contribute to the growth and development of the Saudi economy by offering various financial products and services, including oil and gas related project finance, corporate finance, and trade finance.
By strengthening their partnership with Saudi Aramco under the MOU, SMBC and SMBC Nikko Securities will strive to contribute to the achievements of the goals set out in Saudi Vision 2030.