Saudi Aramco agrees MOUs with companies worth £8bn

Saudi 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.