Saudi Arabia’s Aramco Set to Invest 50 Billion in United States

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Oil & gas major of Saudi Arabia, Aramco is going to sign 13 agreements with the US worth $50 billion. The agreements are expected to get signed in the upcoming US President Donald Trump’s visit to Saudi Arabia. This announcement is expected to transform the Asian Oil & Gas industry.

Recently, leading Saudi newspaper, Al Arabiya has quoted the CEO of Aramco, Amin al-Nasser saying that these agreements will be signed tonight, in the presence of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and US President Donald Trump.

Nasser said that the agreements that will be signed tonight will be implemented immediately and will last for a few years.

Informed sources said that Saudi Aramco plans to sign agreements with at least 10 companies, including General Electric Co, Schlumberger Ltd and Halliburton Co, during the visit of US President Donald Trump to Saudi Arabia.

Sources revealed that Aramco’s agreements will help the company achieve its goal of renting about 70 percent of its oil equipment and services in the local Saudi market by 2021.

With these agreements, foreign companies will open more factories in the kingdom, helping to train more Saudi manpower.

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