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Saudi Aramco. the world’s biggest oil-producing company. said on Tuesday it has signed 15 memorandums of understanding worth $34 billion with leading energy and oil services companies at the Future Investment Initiative forum.
The MoUs were signed with 14 companies. including Total. Hyundai Heavy Industries. Acwa Power of Saudi Arabia. Sumitomo Norinco New Energy of Japan. Baker Hughes. Schlumberger and Halliburton.
`The MoUs reflect both Saudi Aramco’s and the kingdom’s international partnership strategies and the determination to diversify the economy. enhance the domestic investment environment and boost employment opportunities.` Aramco said. `The MoUs support Saudi Aramco’s forward-looking strategy across business units. including downstream. offshore and engineering.`
It did not provide specific values of each of the agreements signed at the FII taking place in Riyadh. Some deals were previously agreed upon.
They will boost the company`s In-Kingdom Total Value Add programme. which aims for the localization of 70 per cent supplied goods and services by 2021.
“Davos in the Desert“. as the event has been called. has more than 150 speakers from 140 different organizations and 17 global partner entities.
