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Terminal News

Saudi Aramco signs 15 MoUs worth more than $34 billion

Saudi Aramco signs 15 MoUs worth more than $34 billion
Saudi Aramco has signed 15 MoUs, strategic & commercial collaborations worth more than $34 billion with 15 international partner companies and entities.

The collaborations reflect the range and ambition of the company's business interests, reinforcing its position as the world's prominent energy & chemicals company.

The MoU's reflect both Saudi Aramco's and the Kingdom's international partnership strategies and the determination to diversify the economy and enhance the domestic investment environment.

The MoU's cover business units including downstream, offshore and engineering. A number of these MoU's will enhance the In-Kingdom total value add programme, the company's flagship initiative to improve the domestic supply chain, its operations and its employment potential.

The MoU's and commercial collaborations are:

- MOU with Total to launch engineering studies to build petrochemical complex in Jubail, KSA

- 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

- MOU with Schlumberger

- MOU with Halliburton

- MOU with Oilfield Supply Centre

- 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 to invest in localisation of engineering steel

- MOU with GumPro (India) to invest in drilling chemicals facility

- MOU with Acwa Power (KSA) 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 (US) to invest in manufacturing and repair of onshore rigs and equipment