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Saudi Aramco signs $50 billion deals with US

by ChemOrbis Editorial Team - content@chemorbis.com
  • 22/05/2017 (15:33)
According to Reuters, National oil firm Saudi Aramco signed business deals worth $50 billion with the USA during Donald Trump’s visit to Saudi Arabia as part of Saudi Arabia’s plans to expand its economy in order to reduce its dependency on oil. Saudi energy minister Khalid al-Falih said the deals involving all companies reached $200 billion, some of which included designing things in Saudi Arabia that had previously been imported and the others were memoranda of understanding.

The country also said they want foreign companies to see Saudi Arabia as a platform for exports to other markets.

Saudi Aramco also aims to develop its Motiva refinery in the US, which was originally a joint venture between Aramco and Royal Dutch Shell, as part of its plan to expand in the US in the next 10 years through both refining and petrochemicals, the reports revealed.
JV Motiva refinery is planned to be divided up in Q2 of 2017.
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