State-owned oil giant Saudi Aramco has signed 15 memorandums of understanding (MoUs) and commercial collaborations worth a total of $34 billion, during the Future Investment Initiative (FII 2018) conference in Riyadh.
The agreements were signed with international companies from eight countries, including Total, Hyundai Heavy Industries, Sumitomo, Baker Hughes, Schlumberger, and Halliburton.
A number of these MoUs will enhance the In-Kingdom Total Value Add (IKTVA) program, Saudi Aramco’s flagship initiative to improve the domestic supply chain, its operations and its employment potential, the oil giant said in a statement.
The MoUs and commercial collaborations signed are:
1) MoU with Total to launch engineering studies to build petrochemical complex in Jubail, KSA
2) MoU with Total regarding the potential establishment of a retail service station network
3) MoU with Hyundai Heavy Industries (HHI) regarding potential HHI investments in the King Salman International Maritime Complex for Industries and Services at Ras Al Khair
4) MoU with Baker Hughes GE
5) MoU with Schlumberger
6) MoU with Halliburton
7) MoU with Oilfield Supply Center
8) MoU with Flex-Steel to invest in RTP reinforced thermoplastic pipe facility
9) MoU with the UAE’s NPCC (National Petroleum Construction Company) to invest in a fully integrated fabrication yard and marine base
10) MoU with SeAH Changwon Integrated Specialty Steel Co. Limited to invest in localization of engineering steel
11) MoU with India’s GumPro to invest in drilling chemicals facility
12) MoU with Saudi-based ACWA Power and US-based Air Product regarding the Jazan Refinery gasification power project
13) MoU with Japan’s Sumitomo regarding potential investments to upgrade PetroRabigh Refinery
14) MoU with China’s Norinco regarding potential investments in refining and chemicals projects
15) MoU with US-based NOV to invest in manufacturing and repair of onshore rigs and equipment
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