- 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.
- Now read: Nabors Industries Ltd. 2017 Q1 - Results - Earnings Call Slides
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