Saudi Aramco announced that it has signed 15 preliminary deals and strategic and commercial collaborations worth more than $34 billion, the company said in a press release.
The memoranda of understanding (MoU) are all aimed at diversifying the Saudi economy, and include deals for downstream, offshore, and engineering.
Some of the MoUs also contribute to the Saudi In-Kingdom Total Value Add (iktva) program, which looks to achieve 70% of locally supplied goods and services by 2021 through improvements to the domestic supply chain, operations and the country’s employment potential, and greater commercial engagement with Saudi businesses.
The full list of MoUs is as follows:
- MOU with Total to launch engineering studies to build petrochemical complex in Jubail, Saudi Arabia.
- MOU with Total regarding the potential establishment of a retail service station network.
- MOU with Hyundai Heavy Industries regarding potential HHI investments in King Salman International Maritime Complex for Industries and Services at Ras Al Khair.
- MOU with Baker Hughes GE.
- MOU with Schlumberger.
- MOU with Halliburton.
- MOU with Oilfield Supply Center.
- MOU with Flex-Steel to invest in RTP reinforced thermoplastic pipe facility.
- MOU with NPCC (National Petroleum Construction Company, UAE) to invest in a fully integrated fabrication yard and marine base.
- MOU with SeAH Changwon Integrated Specialty Steel Co. Limited to invest in localization of engineering steel.
- MOU with GumPro (India) to invest in drilling chemicals facility.
- MOU with Acwa Power (Saudi Arabia) and Air Product (USA) regarding the Jazan Refinery gasification power project.
- MOU with Sumitomo (Japan) regarding potential investments to upgrading PetroRabigh Refinery.
- MOU with Norinco (China) regarding potential investments in refining and chemicals projects.
- MOU with NOV (USA) to invest in manufacturing and repair of onshore rigs and equipment.