State oil giant Saudi Aramco signed deals with several foreign companies as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically.
Deals include setting up joint ventures with US-listed firms Rowan Companies and Nabors Industries to own, manage, and operate drilling rigs in Saudi Arabia.
Aramco also signed agreements in local manufacturing development with Jubail Energy Services Company (JESCO) and ArcelorMittal in Jubail on the Gulf coast for tubes used in oil and gas production.
It signed another agreement with J-Power Systems Corporation Japan for submarine electrical cables.
The agreements were signed this week on the sidelines of Aramco’s The In-Kingdom Total Value Add Program (IKTVA). No financial details were disclosed.
