Saudi Aramco is planning to sign energy deals with at least 10 companies including General Electric Company and oil field-service businesses Schlumberger Ltd. and Halliburton Company during the upcoming visit of the American President, Donald Trump to Saudi Arabia, Bloomberg reported.
According to Arabian Business, the OPEC Member is also planning to sign accords with Baker Hughes, KBR Incorporation, Jacobs Engineering Group Incorporation, Nabors Industries Ltd, Weatherford International Plc, McDermott International Incorporation and Rowan Companies Plc.
The deals are expected to be signed on May 20, during Trump’s first foreign trip as president.
Deputy Crown Prince, Mohammed bin Salman, has said that the kingdom aims to sell “not far from 5%” of Aramco next year, in what could be the world’s biggest initial public offering. The IPO of the company known formally as Saudi Arabian Oil Company is the centerpiece of plans to diversify the economy and wean it from depending overwhelmingly on the sale of crude oil. The prince, a champion of the new strategy, is also prioritizing the creation of jobs for Saudis.
Aramco’s agreements would help the company reach its goal of sourcing 70 % of its oil and gas equipment and services from the local Saudi market by 2021. The foreign companies would open more manufacturing plants in the kingdom and help train the Saudi workforce.