U.S., Saudis sign tens of billions of dollars in energy deals
U.S. energy companies sign tens of billions of dollars in business deals and memorandums of understanding with Saudi Arabia during Pres. Trump's visit.
Exxon Mobil (NYSE:XOM) and Saudi chemicals firm SABIC sign an agreement to begin planning for front-end engineering and design work for a $10B petrochemical plant at a site near Corpus Christi, Tex.; the project would include an ethane cracker with a production capacity of 1.8M metric tons/year of ethylene to feed a monoethylene glycol unit.
Also, an extension of a joint venture with Nabors Industries (NYSE:NBR) and Saudi Arabia will see $9B of investment over a 10-year period.
Rowan (NYSE:RDC) agrees to begin the design and selection process for offshore drilling rigs as part of a $7B collaboration with the Saudis over 10 years.
A new joint venture with National Oilwell Varco (NYSE:NOV) involving a $6B 10-year investment will make high-specification drilling rigs and equipment in the kingdom.
Jacobs Engineering (NYSE:JEC) inks an MoU worth $250M to localize design, engineering, procurement, construction and project management services for the oil and gas industry.
Honeywell (NYSE:HON), McDermott (NYSE:MDR) and Weatherford (NYSE:WFT) sign billions of dollars in MoUs related to localizing oilfield goods and services along Saudi Aramco's supply chain.
Also, Dow Chemical (NYSE:DOW) agrees to build a manufacturing facility to produce polymers for coatings and water-treatment applications, and an MoU for a feasibility study of a proposed investment in performance silicones.
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