SAUDI ARAMCO SIGNS 16 ACCORDS WORTH $50 BILLION

Sushmita Sarkhel21-05-2017, 02:35 AM
thehill.com

US President Donald Trump’s first day in Saudi Arabia resulted in multiple business deals and strengthening of bilateral relations between the two countries.

Before embarking on the tour - which will see him visit Saudi Arabia, Israel and the Vatican - Trump described it as “a trip with historic significance for the American people.” A few days later, reports have emerged about multiple business agreements including a $110 billion arms agreement and about $50 billion investment in the energy sector.

Honeywell International, Nabors Industries, Exxon Mobil and Lockheed Martin as reported by Bloomberg were some of US companies to sign accords with local business heads in Riyadh.

Saudi Aramco said it signed 16 accords with 11 companies valued at about $50 billion. The agreements were signed by Saudi Aramco President and CEO Amin H. Nasser and respective US counterparts:

 

  • Joint venture with Jacobs Engineering - New joint ventures to provide programme and construction management services; to elevate project execution and job creation throughout Saudi Arabia and across the region

  • Joint Venture with National Oilwell Varco (NOV) to provide high-specification drilling rigs and advanced drilling equipment

  • MOU with General Electric (GE), in Oil & Gas upstream, midstream and downstream eco-system including manufacturing and services, which is expected to create around 2000 jobs.

  • Another MOU with GE aims to undertake a digital transformation of Saudi Aramco’s operations.

  • A non-binding MOU through which the partners to Rex Offshore will develop the designs of the jack-ups rigs which they intend to manufacture through the Ras Al Khair Maritime Yard in Saudi Arabia. This MOU is an extension to the agreement signed in November 2016 to create a 50/50 joint venture to own, operate, and manage offshore drilling rigs in Saudi Arabia.

  • An updated MOU with Nabors to explore land drilling improvisation and optimisation which is expected to create additional 1000 jobs.

  • Two MOUs with Honeywell: The first one aims to advance digitisation of the oil and gas industry. The second is a new partnership agreement in support of Saudi Arabia’s IKTVA Programme.

  • MOUs with Schlumberger, Halliburton, Weatherford and Baker Hughes - all of which aim to deliver a series of projects related to localising oil field goods and services.

(Image Source: thehill.com)

Comments

CAPTCHA image
Enter the code shown above in the box below

null Select "Edit Content" from the Edit (Pencil Icon) Action Menu
You must be a Host User to create new modules