Aramco Strikes Up to $30 billion in U.S. Energy and LNG Deals at Washington Forum

Saudi Arabian Oil, also known as Aramco, signed new deals with a wide set of U.S. firms. The plan took shape at the U.S.-Saudi Investment Forum in Washington, DC. The firm said the deals may be valued at more than $30 billion.

First, Aramco will look at a stake in the Lake Charles LNG site with MidOcean Energy. Next, the firm signed a new pact with Commonwealth LNG for a site in Louisiana. In both cases, Aramco will also consider future LNG and gas purchases.

U.S. Supply Chain Links

As written above, Aramco set new terms with a broad group of U.S. service firms. These include Schlumberger (SLB), Baker Hughes (BKR), McDermott, Halliburton (HAL), National Energy Services Reunited (NESR), KBR (KBR), Flowserve (FLS), NOV (NOV), Worley (AU:WOR), and Fluor (FLR). The goal is to help Aramco with parts, gear, and work for core sites and long-term plans.

In addition, Aramco and Syensqo signed new terms for carbon fiber and composite parts. The plan aims to bring more of this work to local sites so that Aramco can use the parts in key plants.

New Finance Plans

Moreover, Wisayah, an Aramco unit, has set new plans with Loomis Sayles, Blackstone (BX), and PGIM. These firms will help with asset plans for a range of Aramco needs. Wisayah also set a cash plan with J.P. Morgan (JPM) to help with daily flow needs. Earlier in May, Aramco announced 34 deals with U.S. firms valued at up to $90 billion. The firm said the full plan may open the door to work of up to $120 billion.

Aramco Chief Amin Nasser said the new plan will help foster greater joint work with U.S. firms and spur new ideas and growth.

We used the TipRanks Comparison Tool to place up to ten of the stocks in this piece in one chart so that readers can see a broad view of the firms tied to the new deals.