Saturday: Donald Trump’s Visit to Saudi Arabia; Ryadh CEO forum

Firstly, Donald Trump is visiting Saudi Arabia this Saturday. The Saudi Aramco is going to conclude deals with 12 United State’s companies during this visit.

Secondly, Saudi Aramco plans to push and develop the local workers and manufacturing in all the possible ways. According to sources, this is part of Saudi Aramco’s plan to develop their operations in different areas. They plan to make deals with Oil companies, etc. Schlumberger, Halliburton, Baker Hughes, and Weatherford.

Thirdly, amid these plans, Aramco also intends to conclude agreements with other important companies, among others even: General Electric, National Oilwell Varco, Nabors Industries and Rowan Companies.

Fourthly, Reuters reported that when trying to reach Aramco and ask them about this subject; no one was available to comment.

 

Aramco’s plans dating from 2015

Following, IKTVA programme was launched in 2015 by Saudi Aramco. The idea of this programme was to double the amount of ”local produced energy related” and all similar goods to 70%. The year for this aim was 2021.

Furthermore, observing the past periods, Aramco cooperated with U.S management companies. They were covering the important projects which collided U.S. management and Aramco operating parts. The aim was to upgrade the Oil potential and develop the oil businesses in country.

“The upcoming partnerships will boost bilateral investment towards localisation.” (Reuters)

 

IKTVA closer

Aramco signed deals with drilling firms Rowan and Nabors Industries to establish joint ventures under the In-Kingdom Total Value Add programme. This happened last year, due to Aramco’s idea to develop this programme at the high levels.

IKTVA  is going to help in developing 500,000 jobs for Saudis. Both directly and indirectly, connected to the everyday operations.  

In forthcoming period Saudi Arabia is planning to change structure of its economy, in a way. It wants to diversify the economy, and widen its spectre aiming not to rely only on oil exports. Aramco will mainly participate in these massive projects. It is a main part of Vision 2030 economic reform drive.

The Engineering companies who support Aramco will sign these agreements too. Some of which are: KBR and Jacobs Engineering, as well as McDermott and Honeywell.

 

Saudi-U.S. CEO forum

This Saturday in Riyadh, the main event which is taking place is an inaugural Saudi-U.S. CEO forum. Most noteworthy, several important deals will be signed. Covering the areas of: defence, electricity, oil and gas, industrial and chemical sectors.

The new documents, in form of licences will be signed; giving the U.S. companies rights to operate in Kingdom, and that way have their power diversified on bigger theritory. And at the same time, giving them the power to influence Saudi’s energy market.

 

By | 2017-05-18T17:52:53+00:00 May 18th, 2017|Financial, Governments, International|0 Comments

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