Saudi Aramco signed preliminary co-operation agreements worth $10 billion with leading US oil services companies, the world's top oil producing company said.
Nearly half of the agreements were signed with Schlumberger, Baker Hughes, Halliburton, Weatherford for procurement of equipment and services related to drilling for oil, in the wake of Saudi Crown Prince Mohammed bin Salman's three-week visit to the US this month, the company said.
"It takes an extended period of time for these mammoth undertakings to be completed, resulting in significant transformation in the areas where they are implemented, and offers enormous opportunities for action, partnerships and investment," Aramco chief executive Amin Nasser said.
Aramco, the world's largest oil company, which accounts for 13.4 per cent of the global production, is preparing for an initial public offering that will list 5 per cent of its shares worth around $100bn.
The oil company, valued at $2 trillion by Saudi Arabia, traces its roots to early American oil entrepreneurism, with Aramco a shortening of Arabian Oil Company. The name is a relic of the company’s ownership in the 1930’s by the predecessor to what is now known as Chevron.
While Saudi-led Opec and US shale producers compete aggressively in oil markets, with the latter developing capabilities to react quickly to changes in crude prices following the downturn, American expertise is still used in the development of the Saudi energy industry.
New York is one of three potential international markets shortlisted by Aramco in the run-up to its IPO, however, concerns over possible litigation have made the US’s commercial capital less attractive in comparison with competing hubs of Hong Kong and London. Aramco is considering an international listing in addition to floating on the Saudi stock exchange, Tadawul.
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Read more:
Saudi Crown Prince: Russia and Opec are considering a 10 to 20-year oil alliance
Exclusive: Plans in the works for super group of oil producing countries
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On Tuesday, Aramco also signed co-operation agreements with Raytheon for cyber security services, as well as Google Cloud to explore potential for establishment of cloud services.
Mr Nasser told a US audience that Aramco was also looking at co-operation in “infrastructure, manufacturing and service industries.”
Various other agreements were also signed with the National Geographic, Smithsonian and Centre for Strategic and International Studies to advance media, cultural and research engagements respectively.
Crown Prince Mohammed who led the Saudi delegation to the US, told Reuters in an interview on Tuesday that Saudi-led Opec and Russia, the largest sovereign producer outside the exporters’ group, are considering an oil alliance lasting 10 to 20 years.
In February, The National was the first to report that Opec and its allies, currently slashing production to bolster prices, are considering formalising their existing alliance into a "super-group".
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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The%20specs
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MATCH INFO
Day 1 at Mount Maunganui
England 241-4
Denly 74, Stokes 67 not out, De Grandhomme 2-28
New Zealand
Yet to bat
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The biog
Family: Parents and four sisters
Education: Bachelor’s degree in business management and marketing at American University of Sharjah
A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls
Likes reading: autobiographies and fiction
Favourite holiday destination: Italy
Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning
Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes
Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
Scores
Day 2
New Zealand 153 & 56-1
Pakistan 227
New Zealand trail by 18 runs with nine wickets remaining
UAE%20Warriors%2045%20Results
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THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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KILLING OF QASSEM SULEIMANI
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
UAE SQUAD
UAE team
1. Chris Jones-Griffiths 2. Gio Fourie 3. Craig Nutt 4. Daniel Perry 5. Isaac Porter 6. Matt Mills 7. Hamish Anderson 8. Jaen Botes 9. Barry Dwyer 10. Luke Stevenson (captain) 11. Sean Carey 12. Andrew Powell 13. Saki Naisau 14. Thinus Steyn 15. Matt Richards
Replacements
16. Lukas Waddington 17. Murray Reason 18. Ahmed Moosa 19. Stephen Ferguson 20. Sean Stevens 21. Ed Armitage 22. Kini Natuna 23. Majid Al Balooshi
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
COMPANY%20PROFILE
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
