Saudi Arabia’s oil giant Saudi Aramco signed deals with French companies worth about US$3 billion as part of its business growth strategy.
Saudi Arabia’s oil giant Saudi Aramco signed deals with French companies worth about US$3 billion as part of its business growth strategy.
Agreements with French companies included: a purchase agreement for wellhead and surface control equipment with TechnipFMC; a purchase agreement to manage the installed base of process automation system and remote terminal units with Schneider and wastewater treatment agreements with Veolia and Dassur and another with Suez and Dassur, according to a Saudi Aramco statement.
Separate from a $9 billion petrochemical complex deal with Total, Saudi Aramco also signed an agreement with the French oil giant for a follow-up feasibility study of jointly acquiring a retail service station network in Saudi Arabia.
Additionally, cultural enhancement agreements were signed with Institut Du Monde Arabe (Arab World Institute) and with Centre Pompidou.
Aramco agreed on commercial collaborations with French companies at the Saudi-French CEO Forum held in Paris this week, which coincided with the official visit to France by HRH Crown Prince Mohammed bin Salman.
“Saudi Aramco has a massive and highly ambitious investment program over the next decade which is part of our portfolio expansion aspiration,” said Saudi Aramco president and CEO Amin H. Nasser. “This includes a number of mega world scale projects where French businesses can play a major role in providing the strategic mix of technical capabilities and innovation which would create the desired synergy which will be beneficial to the company but also to the Kingdom.”
“The strengths of French businesses and industry can play a role in Saudi Aramco’ business plan including in our diversification and expansion strategies underscored by the framework of Vision 2030,” he added.
Source: Pipeline ME
