Saudi Aramco close to choosing partner for project management JV: report

State oil giant Saudi Aramco is about to select a partner for a joint venture (JV) it plans to set up to oversee government-related infrastructure projects in the Kingdom, Reuters reported, citing sources familiar with the matter.

It is believed that Aramco will partner with Jacobs Engineering in the JV, and that the Saudi sovereign wealth fund, the Public Investment Fund (PIF), will also be involved, sources said.

An announcement on the partnership is expected to be made on May 20, coinciding with US President Donald Trump's planned visit to Riyadh, sources said.

In February, the Saudi government appointed US-based Bechtel Corp to set up and run a new National Project Management Organization (NPMO) as part of the Kingdom’s plans to cut costs on infrastructure projects by reducing inefficiency.

Aramco, which is preparing for what is expected to be the world’s biggest-ever initial public offering (IPO) in 2018, is involved in projects across other sectors besides oil.

The company’s non-oil projects include building Jeddah’s Al-Jawhara football stadium, managing floodwater drainage projects in Jeddah, and currently building Jazan Economic City.