Saturday, Feb 4, 2023
International Finance
Economy Oil & Gas

MoUs signed during Saudi Arabia’s Crown Prince visit to the US

Saudi Arabia, Saudi Arabia Crown Prince, MoU, oil and gas, energy, technology, supply chain, Schlumberger, GE, Halliburton, Honeywell, MCDermott International, Weatherford International, Nabors Industries, Saudi Aramco
Saudi Arabia’s Crown Prince’s recent visit to the US has laid emphasis on signing agreements with American companies in the oil and gas sector

Since the Saudi Arabia-US partnership, the two have signed 13 MoUs valued more than US$54bn in the oil and gas sector. The aim is to create more jobs in the coming years and ensure contribution to the industry.

Schlumberger, GE, Halliburton, Honeywell, MCDermott International, Weatherford International and Nabors Industries are some of the US-based companies that signed agreements in the oil and gas sector. Eight MoUs were signed by Saudi Aramco to boost its operations, strengthen the supply chain in the region worth of US$24bn in the next five years and create 30,000 jobs.

The company has also signed 4 MoUs in petroleum, marine and logistics services. As part of the visit, several agreements were established by Saudi Arabia companies for other sectors including energy and technology sectors as well.

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