At Least 10 Oil Deals during Trump’s Saudi Visit

Kuwait- Saudi Aramco plans to sign agreements with at least 10 companies during the Saudi-US CEO Forum that is scheduled to be held on May 20 during US President Donald Trump’s visit to Riyadh over the weekend.

Bloomberg quoted sources as saying that among others, Aramco plans to sign accords with General Electric Co, Schlumberger Ltd., Halliburton Co., Baker Hughes Inc., KBR Inc., Jacobs Engineering Group Inc., Nabors Industries Ltd., McDermott International Inc., and Rowan Companies Plc.

Aramco’s agreements would help the company reach its goal of sourcing 70 percent of its oil and gas equipment and services from the local Saudi market by 2021, the sources said.

Some of the mentioned companies have already partnerships with Saudi Aramco.

In a separate report, Bloomberg said that the Saudi government is set to announce plans to deploy as much as $40 billion in projects in the US.

The announcement for such plans is expected to be made during Trump’s visit to the kingdom.