Saudi Aramco signs MoU on gas deal with Shell

Saudi Energy Minister Khalid al-Falih

Saudi Energy Minister Khalid al-Falih

The Memorandum of Understanding (MoU) signed in London between the two companies was during the official visit of Saudi Crown Prince Mohammed bin Salman to Britain, and would include gas upstream and liquefaction projects. The company will provide front end engineering design (pre-FEED and FEED) and project management services during the engineering, procurement and construction (EPC) phase, supporting the development of the complex that is expected to process 400,000 barrels per day and approximately nine million tons of chemicals and base oils annually.

Saudi Arabian Oil Co., commonly known as Aramco, is among companies from the kingdom that will undertake joint projects worth at least $2.1 billion stretching from energy to health care and real estate, according to people familiar with the matter.

Saudi Aramco Chief Executive Officer Amin Nasser speaks at the annual CERAWeek energy conference in Houston, Texas, U.S., March 6, 2018. Yet, many observers have questioned the valuation, suggesting a realistic figure is nearer US$1 trillion.

Samsung Galaxy S9 review: The best Android phone gets better
In well-lit scenes, the S9 can totally hang with the Pixel 2, even with Google's often praised extra-special HDR processing. REUTERS/Sergio PerezThe Galaxy S9 and S9 displayed at the Mobile World Congress in Barcelona, Spain on February 25, 2018.

Wood has been selected to develop the world's largest fully integrated crude oil to chemicals (COTC) complex in the Kingdom of Saudi Arabia, on behalf of Saudi Aramco and SABIC as the first PMC contractor.

Saudi Energy Minister Khalid al-Falih, who is also Aramco's chairman, had said Aramco was interested in investing in global upstream ventures, particularly gas, and could invest in importing gas into the kingdom.

Diversifying gas assets overseas would help Aramco achieve a better valuation and is attractive for investors, industry sources has said.

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