Riyadh – Mubasher: Saudi Arabian Oil Co., known globally as Saudi Aramco, has announced signing 15 memoranda of understanding (MoUs) worth a combined value of $34 billion.

The deals were signed during the first day of the Future Investment Initiative (FII), which commenced earlier today in Riyadh.

The agreements signed involved several companies including France’s Total, US-based Schlumberger, and Hyundai Heavy Industries, the firm tweeted on Tuesday.

Under the MoUs, Aramco will build the Amiral Petrochemical complex, as well as establish a retail project and a heavy-industries project.

Aramco also signed agreements with Air Products and Acwa Power for the Jazan Refinery Gasification Complex joint venture and another with Sumitomo for a Petro Rabigh upgrade.

Other MoUs signed involved Flexsteel, Halliburton, NPCC, and Baker Hughes, according to Aramco.

The FII, which runs from 23 until 25 October, is organised by the Saudi Public Investment Fund (PIF).