Saudi Aramco signs 15 MoUs worth $34bn at Future Investment Initiative Forum
At the Future Investment Initiative (FII) forum in Riyadh, Saudi Aramco signed 15 MoUs and strategic and commercial collaborations valued at more than $34bn with 15 international partner companies and entities from eight countries in three continents.
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. The MOUs range across business units, including downstream, offshore, and engineering.
Some will enhance the In-Kingdom Total Value Add (IKTVA) program, Saudi Aramco’s initiative to improve domestic supply chain, its operations and its employment potential, through greater commercial engagement with Saudi businesses. IKTVA’s localization objective is to achieve 70% of locally supplied goods and services by 2021.
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 regarding potential HHI investments in 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 NPCC (National Petroleum Construction Company, UAE) 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 GumPro (India) to invest in drilling chemicals facility
12. MoU with Acwa Power (KSA) and Air Product (USA) regarding the Jazan Refinery gasification power project
13. MoU with Sumitomo (Japan) regarding potential investments to upgrading PetroRabigh Refinery
14. MoU with Norinco (China) regarding potential investments in refining and chemicals projects
15. MoU with NOV (USA) to invest in manufacturing and repair of onshore rigs and equipment