Major deals: An Aramco employee on duty near an oil tank at the company’s Ras Tanura oil refinery and terminal. Earlier this week, Aramco says it has signed 15 agreements worth US34bil if they are all seen through. — Reuters
WITH its investment prospects rocked by the killing of dissident journalist Jamal Khashoggi, Saudi Arabia turned this week to its most trusted business ally – the oil industry.
Saudi officials said agreements totalling over US$55bil were struck in the energy, transportation and petrochemicals sectors during a three-day conference in Riyadh that ended Thursday. The mostly non-binding pacts were striking for their focus on oil at a conference that is Crown Prince Mohammed Salman’s main showcase for his efforts to diversify the kingdom’s oil-dependent economy into technology, entertainment and arms production.
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