Saudi oil giant Aramco signed memoranda of understanding (MoU) with 18 Turkish firms in different sectors such as construction, power generation and related services. These agreements enable the Turkish organization to bid for Aramco’s projects in the years ahead, reported Reuters.
Aramco’s CEO, Amin Nasser, said the MoUs will help further the development of business opportunities between the two countries and deepen Saudi-Turkish trade ties on future projects, according to Al Arabya.
Egypt Oil&Gas reported earlier that Aramco plans to invest a total of about $334b by 2025 on infrastructure and projects to maintain oil potentials. The figure included spending on exploring and developing unconventional resources, such as shale gas over the course of 10 year. An estimated 70% of the investment amount will be spent on local saudi services and materials, as part of the company’s In-Kingdom Total Value Add (IKTVA) program.