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Saudi Aramco to sign USD10B of deals in France

April 11/2018

MOSCOW (MRC) -- Saudi Aramco will sign eight deals worth USD10 billion with French firms, the chief executive of the state-run oil giant said- the main contracts expected to be sealed during Crown Prince Mohammed bin Salman's visit to France, as per ArabNews.

The powerful young prince who is behind modernizing reforms in Saudi Arabia is on a three-day trip at a time when relations between the two countries have become more complicated, including over how to address Iran's role in the region.

Amin Nasser told Saudi-run Al Arabiya TV on Monday that his company would finalize the accords on Tuesday. A Saudi-France economic forum is due to take place on Tuesday with an official signing ceremony in the afternoon.

Aramco and French oil major Total plan to sign an agreement to expand their joint venture refinery in Saudi Arabia, sources familiar with the matter told Reuters on April 5.

Total declined to comment and Aramco did not immediately respond to a request for comment.

The prince is not due to sign mega-contracts in France as he did in the United States and Britain in the past month. A French presidency statement said the two leaders would work on a strategic document that would lead to contracts by the year's end, when Macron travels to Saudi Arabia.

French officials dismiss suggestions that the lack of lucrative accords reflects a weakening in the relationship. They say a new "method" of working together does not depend on eye-catching new business.

As MRC wrote previously, in July 2017, Saudi Aramco and France's Total began considering building a mixed-feed cracker and derivatives in Jubail, near their joint refining complex. The cracker is expected to have a capacity of 1.5 MMtpy, said a source familiar with the plans, who described them as at an initial stage. The feedstock would partially come from SATORP, the existing Aramco-Total joint refining venture, and from Sadara, a joint venture between Aramco and Dow Chemical, also in Jubail. Sadara operates a mixed-feed cracker, the first in Saudi Arabia.

Saudi Aramco is an integrated oil and chemicals company, a global leader in hydrocarbon production, refining processes and distribution, as well as one of the largest global oil exporters. It manages proven reserves of crude oil and condensate estimated at 261.1bn barrels, and produces 9.54 million bbl daily. Headquartered in Dhahran, Saudi Arabia, the company employs over 61,000 staff in 77 countries.
Author:Margaret Volkova
Tags:PP, PE, propylene, ethylene, Dow, Sadara Chemical, Saudi Aramco, Total Petrochemicals, Saudi Arabia.
Category:General News
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