Saudi Aramco inks 15 new deals worth over $34 billion

Saudi national oil and gas giant Saudi Aramco signed fifteen deals valued at more than $34 billion with oil companies and services providers during an investment forum nicknamed “Davos in the Desert.”

At the Future Investment Initiative (FII) forum in Riyadh on Tuesday, Saudi Aramco signed 15 memoranda of understanding (MoUs) and strategic and commercial collaborations valued at more than $34 billion with 15 international partner companies and entities from three continents.

The MOUs support Saudi Aramco’s forward-looking strategy across business units, including downstream, offshore, and engineering. It engages with companies representing eight countries including major businesses in France, China, the U.S., Japan, the UAE, the United Kingdom, South Korea and India.

Out of these fifteen MOUs, it is important to mention those signed with French oil company Total to launch engineering studies to build petrochemical complex in Jubail, with Hyundai Heavy Industries regarding potential HHI investments in King Salman International Maritime Complex for Industries and Services at Ras Al Khair, with the world’s largest oilfield services providers Halliburton, Schlumberger, and Baker Hughes, and with NPCC (National Petroleum Construction Company, UAE) to invest in a fully integrated fabrication yard and marine base.

However, the forum was overshadowed by recent events in global politics revolving around the death of Saudi journalist Jamal Khashoggi, reportedly killed by Saudi agents inside the Saudi consulate in Istanbul on October 2.

In the wake of recent events, many decided to stay away from the Saudi forum but thousands still came. CNN has published lists of top business leaders and government officials who pulled out of the forum and of those who decided to stick with it.

As evident from the signed MOUs list, among the attendees were CEO of France’s Total, and CEOs of service providers Schlumberger and Baker Hughes.

According to The Washington Post, the U.S. firms showed up at the forum despite Khashoggi case and said it “shouldn’t derail their dealmaking or U.S.-Saudi relations.”

Offshore Energy Today Staff