Saudi Aramco Signs Deals Worth Over $34B

Saudi Aramco has announced that it has signed 15 Memoranda of Understanding (MoU) and strategic and commercial collaborations valued at more than $34 billion.

The deals, which can be seen below, are with 15 international partner companies and entities from eight countries in three continents:

  • 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 (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 (USA) to invest in manufacturing and repair of onshore rigs and equipment.

“These collaborations reflect the range and ambition of Saudi Aramco’s business interests, reinforcing its position as the world’s preeminent energy and chemicals company,” Saudi Aramco said in a company statement.

“The MoUs support Saudi Aramco’s forward-looking strategy across business units, including downstream, offshore, and engineering,” Saudi Aramco added.

Earlier this month, Saudi Aramco announced that it had signed an MoU with the Chinese Zhejiang provincial government to acquire a share of Zhejiang Petrochemical’s new refinery project.

Back in September, the company revealed that it had signed an MoU with Schneider Electric Saudi Arabia “regarding the Fourth Industrial Revolution”. In a company statement released at the time, Saudi Aramco said the MoU covers a “wide area of topics thought to be disruptive to many industries, including oil and gas”.

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