OQ Technology Signs New MoU with Aramco
OQ Technology signed a new technology MoU with Saudi oil and gas company Aramco, further strengthening their existing collaboration and concentrating on automation and satellite IoT connectivity for Aramco’s remote site infrastructures. The deal was announced July 18.
The significance of this collaboration lies in the synergy between Aramco’s automation edge technology and OQ’s Low-Earth Orbit 5G NB-IoT infrastructure. It aims to accelerate the development of IoT applications, personal products, safety, security & surveillance, fire protection, automotive, healthcare, intelligent defense, and other industries in Saudi Arabia and globally. The parties intend to work together to create an integrated package that includes the Aramco automation edge technology being developed by MOXA with OQ Technology infrastructure, and to promote the solution opportunities in the network manufacturing value chain that are related to the oil and gas industry.
“Integrating 5G IoT and IIN technologies will increase operational efficiencies downstream, reduce raw material consumption, and minimize personnel travel to remote sites, contributing to a more efficient green economy– a key component of Saudi Arabia’s 2030 vision. The MoU further advances the technological cooperation between Aramco and OQ,” Omar Qaise, founder and CEO at OQ said in a statement.
This MoU comes after Aramco’s venture capital arm Wa’ed Ventures led OQ Technology’s Series A round last year.