David BurrowsSaudi Aramco, the Saudi Arabian oil company, has signed agreements with foreign and local companies worth at least £8bn.
The bulk of the memorandum of understanding agreements (MOUs) are part of a drive to promote local manufacturing, the company said.
One agreement was also signed with French headquartered drilling and oil service company Schlumberger believed to be worth £1.2bn.
Broker reaction to the deal was to make Schlumberger a ‘strong buy or ‘buy’ recommendation.
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