Publish Date : 23-May-2017
Saudi Aramco today signed agreements with major U.S. companies which will pave way for the company to enhance its business synergy with the U.S. as well as attracting investments from its U.S. counterparts to the Kingdom.
The agreements were signed in Riyadh today in the presence of The Custodian of The Two Holy Mosques King Salman Bin Abdulaziz Al Saud and U.S. President Donald Trump. President Trumps visit to Saudi Arabia also includes a business summit attended by Saudi and U.S. chief executives, to further cement the strong historic relations between the Kingdom and the U.S.
The agreements were signed by Saudi Aramco President and CEO Amin H. Nasser and his U.S. counterpart. The agreements signed today by Saudi Aramco with major American companies underscore the purposeful collaboration between Saudi Arabia and the United States in areas of strategic importance linking Saudi Vision 2030 and Americas own economic depth and strength, he said.
The agreement which are estimated to be around $50 billion highlights the magnitude of strategic growth and diversification underway at Saudi Aramco, including strengthening the companys standing as the worlds leading energy and chemicals company and focus on local capacity building of its technical expertise and workforce.
Among the agreements signed or updated are:
JV with Jacobs Engineering - New joint ventures to provide program and construction management services; to elevate project execution and job creation throughout Saudi Arabia and across the region Agreement with Jacobs Engineering Group Inc. to form a Saudi Arabia-based joint venture company that provides professional program and construction management (PMCM) services for building and infrastructure projects in the Kingdom. The parties also agreed to form a joint venture to provide PMCM services in the Middle East and North Africa. The agreement will create 3000 jobs.
JV with National Oilwell Varco (NOV) - NOV and Saudi Aramco Announce Joint Venture to Provide High-Specification Drilling Rigs and Advanced Drilling Equipment
An MoU with Saudi Aramco to form a joint venture in the Kingdom of Saudi Arabia. Through its state-of the art manufacturing and fabrication facilities in the Kingdom and NOVs market-leading drilling technologies, the joint venture will provide high-specification land rigs, rig and drilling equipment and offer certain aftermarket services. Additionally, the companies announced their proposed joint venture will establish an education center to train Saudi technicians in the maintenance and operation of the sophisticated drilling technology that the venture will bring to the Kingdom. It is expected to create 1,000 jobs.
Broader Oil & Gas Investment Feasibility Study MOU with GE value adding to existing portfolio with a long-time partner
An MoU which will examine the feasibility of new business development across the energy value chain including enablers covering the Oil & Gas upstream, midstream and downstream eco-system including manufacturing and services,. It is expected to create 2,000 jobs.
MOU with GE to undertake a digital transformation of Saudi Aramcos operations Within the oil and gas sector, Saudi Aramco and GE have signed an MoU to undertake a digital transformation of Saudi Aramcos operations with a goal of generating US $4 billion in annual productivity improvements. To enable the transformation, GE will provide a private Predix Industrial IoT cloud, GEs pioneering APM and industry-specific applications, and staff a Digital Transformation Office (DTO) with local industrial engineers, process experts, and technologists. The DTO is expected to generate 250 high-tech Saudi jobs and stimulate local economic demand for an additional 500 Digital Industrial careers. To support the growth of a broader Predix economy, GE will work within the Saudi Vision 2030 to develop a STEM educational curriculum for high schools and universities to develop Saudi Digital Industrial talent to meet future demand for developers and data scientists. The collaboration is a strong example of Saudi Aramcos industry leadership and commitment to Saudi Vision 2030 to develop high-tech and knowledge worker careers that add significant value to the local economy.
MOU (updated) with Rowan for the creation of offshore drilling company in-Kingdom A non-binding MOU through which the partners to Rex Offshore will develop the designs of the jack-ups rigs which they intend to manufacture through the Ras Al Khair Maritime Yard in Saudi Arabia. This MOU is an extension to the agreement signed in November 2016 to create a 50/50 joint venture to own, operate, and manage offshore drilling rigs in Saudi Arabia. The new joint venture company will use Rowan's established business in Saudi Arabia as its base with a scope of operations covering Saudi Arabia's existing and future offshore oil and gas fields. The new company is anticipated to commence operations in the second quarter of 2017. It is expected to create 1,000 jobs.
MOU (updated) with Nabors to explore land drilling improvisation and optimization An MOU to explore improving and optimizing land drilling supply logistics, services deployment, and rig moves for the Onshore Rig Ownership & Operations JV. Benefits include eliminating rig mobilization costs, reducing day rates, enticing foreign direct investment, creating jobs with Saudization levels anticipated to reach 80%. It is expected to create 1,000 jobs. MOU with McDermott to expand and develop the companys physical and human capital within the Kingdom.
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