Saudi To Sign $50bn In Oil Infrastructure Deals

At an investment conference in Riyadh on Tuesday, sources have revealed that Saudi Arabia plans to sign deals worth more than $50 billion in the oil, gas, industries and infrastructure sectors.

The deals will be signed with companies including Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes, the source said.

The deals will include the establishment of a copper, zinc and lead smelter with Trafigura Group; a joint agreement to build an integrated petrochemical complex and downstream park in the second phase of the SATORP refinery, jointly held by Saudi Arabia’s Aramco and Total; and investments in retail gas stations also by Aramco and Total.

There has been no official report from the authorities about the investments.