Saudi Aramco is all set to expand to the United States with the energy deals that Saudi Arabia's oil giant, signed with some US companies. Saudi Arabia wants to expand its economy beyond oil and has sought the help of United States, while President Donald Trump was visiting Riyadh.
With eyes on expansion, Saudi Aramco, the national oil company of Saudi Arabia is looking for opportunities as it wants the business to develop for Motiva, a refinery in the Unites States. According to reports from Reuters, Amin Naseer, the chief executive of the oil giant has expressed the company's desire to expand the business of Motiva in the United States.
In related news, Khalid Al Falih, the energy minister of Saudi Arabia has stated that an agreement worth $50billion has been signed with US companies, Times of Oman reported. He further added that deals worth a total of $200 billion, including all companies, have been signed.
Remarkably, Amin Naseer stated that Saudi Aramco is looking for opportunities in both petrochemicals and refining, and the company's expansion plan is spread across a time span of ten years. Notably, he made the revelation on the plans while attending a conference of business executives from the United States as well as Saudi Arabia and it was also at the time when President Donald Trump was visiting Riyadh.
Moreover, Naseer is hopeful that with the deals signed this collaboration between Saudi Arabia and the United States will give a boost to bilateral trade. And, the economic policy makers have stated that they will now shift their focus to rules for attracting foreign direct investment within a year. It must be mentioned here that Donald Trump visited Saudi Arabia, the Vatican and Israel on his first overseas trip as the President of United States.