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Abu Dhabi, UAESaturday 17 November 2018

Saudi Aramco signs 15 agreements worth $34bn with energy companies at FII

Companies involved include Halliburton, Total and Sumitomo

The agreements will boost the company's In-Kingdom Total Value Add (iktva) program, which aims for the localisation of 70 per cent supplied goods and services by 2021. Bloomberg
The agreements will boost the company's In-Kingdom Total Value Add (iktva) program, which aims for the localisation of 70 per cent supplied goods and services by 2021. Bloomberg

Saudi Aramco, the world’s biggest oil-producing company, said on Tuesday it signed 15 preliminary agreements worth $34 billion with leading energy and oil services companies at the Future Investment Initiative forum.

They were signed with 14 companies, including Total, Hyundai Heavy Industries, Acwa Power, Sumitomo Norinco New Energy, Baker Hughes, Schlumberger and Halliburton.

"The [deals] reflect both Saudi Aramco’s and the kingdom’s international partnership strategies and the determination to diversify the economy, enhance the domestic investment environment and boost employment opportunities," Aramco said.

"They support Saudi Aramco’s forward-looking strategy across business units, including downstream, offshore and engineering."

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The company did not provide specific values of each of the agreements signed at the FII taking place in Riyadh. Some deals were previously agreed upon.

They will boost the company's In-Kingdom Total Value Add programme, which aims for the localisation of 70 per cent supplied goods and services by 2021.

“Davos in the Desert”, as the event is called, has more than 150 speakers from 140 different organisations and 17 global partner entities.