At the Future Investment Initiative forum in Riyadh, Saudi Aramco signed 15 Memoranda of Understanding (MoUs) and strategic and commercial collaborations.
The agreements with 15 international partner companies and entities, from eight countries in three continents, are valued at more than US$34 billion.
Partner companies are based in France, China, the US, Japan, the UAE, the UK, South Korea and India.
The MoUs and commercial collaborations signed include:
- MoU with Total to launch engineering studies to build a 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 the King Salman International Maritime Complex for Industries and Services at Ras Al Khair, Saudi Arabia.
- MoU with GumPro (India) to invest in a drilling chemicals facility.
- MoU with Acwa Power (Saudi Arabia) and Air Products (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.
Other companies with which Saudi Aramco made agreements include Baker Hughes GE, Schlumberger, Halliburton, Oilfield Supply Center, Flex-Steel, the UAE’s National Petroleum Construction Co., and SeAH Changwon Integrated Specialty Steel Co. Ltd.