Saudi Aramco Signs Agreements with US Companies worth $90 Billion

Saudi Aramco, through a group of its subsidiaries, signed 34 memoranda of understanding and agreements with American companies, with a potential value of nearly $90 billion.

This came during the visit of US President Donald Trump and his accompanying delegation to the Kingdom yesterday, according to a statement issued by the company.

Saudi Crown Prince Mohammed bin Salman and US President Donald Trump signed the Strategic Partnership Agreement and dozens of new agreements on Tuesday.

 In his speech at the Saudi-US Investment Forum, Saudi Crown Prince Mohammed bin Salman said, "Today, we are working on partnership opportunities worth $600 billion, including agreements exceeding $300 billion that have been announced. In the coming months, we will work on the second phase to complete the remaining agreements, bringing the total to $1 trillion."

According to the statement issued today, the signed memoranda of understanding and agreements cover cooperation and partnerships in a range of activities related to the Saudi oil giant's business, including liquefied natural gas, fuels, chemicals, emissions reduction technologies, artificial intelligence and other digital solutions, manufacturing, financial asset management, short-term cash investments, and the procurement of materials, equipment, and services.

Bloomberg reported yesterday that Aramco plans to spend $3.4 billion on the Motiva refinery in Texas, the largest fuel production facility in the United States. Aramco will integrate petrochemical production with fuel production at the Motiva facility.

The memoranda of understanding and agreements aim to strengthen the long-standing relationship between the Saudi company and American companies, maximize shareholder value, and promote cooperation and innovation in the energy sector.