Aramco Signs About US$85 billion Investment Agreements in 2018
In March 2018, Saudi Aramco participated in the Saudi-US CEO Forum held in New York to promote bilateral business and cooperation between the two countries.
During this forum, Aramco discussed US$10 billion commercial collaborations with 14 American companies including: Schlumberger Ltd, Baker Hughes, A GE Company, Halliburton, Saudi Aramco Nabors Drilling (SANAD), Weatherford, ARO Drilling, Emerson Electric Company, Honeywell International Inc, Raytheon Company, Google Cloud, National Geographic, Smithsonian Institute and Centre for Strategic & International Studies.
In October 2018, Saudi Aramco participated in the Saudi-France CEO Forum held in Paris to promote bilateral business and cooperation between the two countries. The US$12 billion commercial collaborations discussed at the Forum included: Veolia and Dussur, TechnipFMC, Schneider, Suez and Dussur, Institut Du Monde Arabe (Arab World Institute), Total, Centre Pompidou.
Also in October 2018, At the highly impactful Future Investment Initiative (FII) forum in Riyadh, Saudi Aramco signed 15 Memoranda of Understanding and strategic and commercial collaborations valued at more than US$34 billion with 15 international partner companies and entities from eight countries in 3 continents.
The MoUs and commercial collaborations signed are:
- MoU with Total to launch engineering studies to build petrochemical complex in Jubail
- 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 Company 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 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
In November 2018, Saudi Aramco hosted its fourth IKTVA Forum & Exhibition at the Dhahran Expo Centre in Dammam, attracting more than 1,000 local and international energy-sector service and equipment suppliers, manufacturers and small and medium enterprises to explore available investment opportunities with Saudi Aramco in the upstream, chemicals, utilities, non-metallic, IT and cybersecurity, and other areas.
Aramco signs $US27.5 billion MoUs and commercial collaborations included the following companies and entities: Offshore Oil Engineering Company Ltd, Sapura Fabrication Sdn, Consortium of Lamprell Energy and Boskalis Westminster, Consortium of Technip Italy and Malaysia Marine & Heavy Engineering, National Petroleum Construction Company, Baker Hughes, Schlumberger, Siemens, Saudi Arabia Industrial Development Fund, PowerChina, ABB, Leading National Academy, Technical & Vocational Training Corporation, Human Resource Development Fund, and the Ministry of Labour and Social Development, Gulf Chemicals & Industries Oils Company, Yokogawa, Schneider Electric Company, Honeywell, Emerson, Saudi Mechanical Industries, Weir Arabian Metal/Weir Group, TechnipFMC, Ensco, Shelf Drilling Group, Noble, Larsen & Toubro, Gulf Heavy Industries, Al-Khonaini International Company, Hadi Hammam Al Hammam Holding Company, Leanardo Helicopters & Lamar Holding Company, Airbus & Al-Qahtani Aviation and Leading National Academy (LNA) & National Power Academy (NPA).
Source: OGLinks