Saudi owned energy company Aramco plans to sign agreements with at least 10 difeferent companies including General Electric (GE), Schlumberger (SLB) and Halliburton (HAL) during the Saudi-US CEO Forum that is scheduled to be held on May 20 during US President Donald Trump’s visit to Riyadh over the weekend. The visit is part of Trump’s first trip abroad after electing as US president.
US President Trump will deliver a speech about radical Islam to leaders of Muslim countries when he is in Saudi Arabia for his first foreign trip, the White House said Tuesday.
Sources saying that among others, Aramco plans to sign accords with General Electric Co, Schlumberger Ltd., Halliburton Co., Baker Hughes Inc., KBR Inc., Jacobs Engineering Group Inc., Nabors Industries Ltd., McDermott International Inc., and Rowan Companies Plc.
Aramco’s agreements would help the company reach its goal of sourcing 70 percent of its oil and gas equipment and services from the local Saudi market by 2021, the sources said.
Some of the mentioned companies have already partnerships with Saudi Aramco.
More over, some sources say Saudi Arabia is preparing to invest as much as $40 billion into U.S. infrastructure projects, which could also be announced during Trump’s visit according to sources, ahead of its planned initial public offering of shares in the nationally owned Aramco energy business.
Saudi Arabia plans to sell as much as 5% of Aramco during the offering next year in what could be the world’s largest IPO.
Donald Trump will also use his upcoming Saudi Arabia trip to announce one of the largest arms sales deals in US history – somewhere in the neighbouhood of $98bn to $128bn worth of arms. That could add up to $350bn over ten years.
The announcement for such plans is expected to be made during Trump’s visit to the Soudi Arabia.
President Donald Trump’s first foreign trip looks more like a pilgrimage than anything else — Rome, Jerusalem and Saudi Arabia. Let’s hope someone explains to him that he cannot go to Mecca. The first stop on his “hajj” is Saudi Arabia on Friday, May 19.
The Saudis have internationalized the event, organizing a sprawling “Arab Islamic American Summit” with leaders from dozens of Muslim countries, as well as talks with the king, the inauguration of a counter-terrorism center and public forums for business executives and young people.
The Saudi has launched a special website http://riyadhsummit2017.org in four languages with a countdown clock and details about the visit, which is packed with meetings.
Inputs from Arab Papers