Officials said earlier that many of the agreements would flesh out previously announced plans.
© Thomson Reuters 2017
National oil giant Saudi Aramco expects to sign $50 billion of deals with U.S. companies on Saturday, part of a drive to diversify the kingdom’s economy beyond oil exports, Aramco’s chief executive Amin Nasser said on Saturday.Nasser was speaking at a conference of scores of senior U.S. and Saudi business executives, coinciding with the visit of U.S. President Donald Trump to Riyadh.He said 16 agreements with 11 companies would be signed, including memorandums of understanding for joint ventures.
Saudi Aramco plans to sign agreements with at least 10 companies
It may be announced during Trump’s visit, said the people, asking not to be identified as the information is private.
Last December, Aramco signed deals with drilling firms Rowan and Nabors Industries to establish joint ventures under the IKTVA program.
Aramco will also sign deals with General Electric (GE) and drilling companies National Oilwell Varco (NOV), Nabors Industries and Rowan Companies, among others, they added.
Kuwait- Saudi Aramco plans to sign agreements with at least 10 companies during the Saudi-US CEO Forum that is scheduled to be held on May 20 during US President Donald Trump’s visit to Riyadh over the weekend.
The Saudi government is preparing as well to commit to unprecedented investments in the U.S.
Saudi Arabia is preparing to invest as much as $40 billion into USA infrastructure projects
Saudi Aramco is due to sign deals with 12 US companies Saturday during US President Donald Trump’s visit to Saudi Arabia.
The announcement for such plans is expected to be made during Trump’s visit to the kingdom.
Under terms of the agreements, the foreign companies would open more manufacturing plants in the kingdom and help train the Saudi workforce.
The deals with top USA companies such as oilfield services firms Schlumberger, Halliburton, Baker Hughes, and Weatherford are part of the oil giant’s push to develop local manufacturing, the sources said.
Saudi Arabia is preparing to invest as much as $40 billion into USA infrastructure projects, which could also be announced during Trump’s visit according to sources, ahead of its planned initial public offering of shares in the nationally owned Aramco energy business.