Saudi Aramco plans to sign agreements with at least 10 companies when US President Donald Trump visits Saudi Arabia, Bloomberg reported on Tuesday, citing sources familiar with the matter.
These companies reportedly include General Electric and oil field-service businesses Schlumberger and Halliburton.
Aramco – the world’s top crude exporter – also plans to sign agreements with Baker Hughes, KBR, Jacobs Engineering Group, Nabors Industries, Weatherford International, McDermott International, and Rowan Companies.
The deals would help the Saudi oil giant source 70 percent of its oil and gas equipment and services from the local market by 2021, it was reported.
Under the agreements, the foreign firms would set up more manufacturing plants in the Kingdom and help train Saudi workers.
US President Donald Trump will visit Riyadh next week and meet with Saudi Arabia’s King Salman, as part of his first overseas trip since entering office.
The Saudi visit is seen as a way of strengthening ties with GCC nations that were strained under the Obama administration, primarily due to differences over how to deal with Iran’s role in the region.
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