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Saudi Aramco signs energy deals with Total, US contractors, others

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Saudi Aramco signs energy deals with Total, US contractors, others

London — Saudi Aramco has signed strategic and commercial deals worth more than $34 billion in the oil, gas, chemicals and metals sectors at a key investment event in Riyadh Tuesday.

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The state oil giant said a total of 15 energy deals were initialed with France's Total, US contractors Baker Hughes, Schlumberger and Halliburton and others during the Future Investment Initiative conference.

The majority of oil and gas deals were signed with US companies, including the US division of Air Products, Baker Hughes, Halliburton and National Oilwell Varco.

The memorandum of understanding (MOUs) include agreements with Total to launch engineering studies on a petrochemical complex in Jubail and the potential establishment of a retail service station network.

Aramco also announced an MOU with Acwa Power and the US division of Air Products on the Jazan Refinery gasification power project. Japan's Sumitomo and China's Norinco signed agreements on potential investments in the upgrade of the PetroRabigh Refinery and other refining and chemicals projects.

Separately, commodity trader Trafigura said it signed a deal to develop metals at a new complex in Saudi Arabia.

Aramco said the deals form a key plank in Saudia Arabia's target of improving its domestic supply chain, with an objective to achieve 70% of locally supplied goods and services by 2021.

"The MOUs support Saudi Aramco's forward-looking strategy across business units, including downstream, offshore, and engineering," Aramco said.

Details on the MOUs signed with Baker Hughes, Schlumberger, Halliburton and National Oilwell Varco have not yet been disclosed.

Organized by Saudi Arabia's sovereign wealth fund, the Riyadh event is seen as a key forum to attract international investment as OPEC's top oil producer reforms its economy and diversifies under its Vision 2030 plans.

The event had been overshadowed by a number of high-profile corporate boycotts following the killing of Saudi critic and journalist Jamal Khashoggi.

-- Miriam Malek, miriam.malek@spglobal.com

-- Robert Perkins, robert.perkins@spglobal.com

-- Edited by Pankti Mehta, newsdesk@spglobal.com