Saudis sign US$50b deals at investment conference

RIYADH: Saudi Arabia signed deals worth more than US$50 billion (RM208 billion) in oil, gas, infrastructure and other sectors at an investment conference in Riyadh yesterday, officials there said.

Details were announced at the Future Investment Initiative, held here in the face of boycotts by Western political figures, international bankers and executives that were prompted by the killing of journalist Jamal Khashoggi.

Companies involved in the deals included commodities trader Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes, state television said.

Swiss-based Trafigura said it had signed a joint-venture deal with Riyadh- based Modern Mining Holding Co.

The multi-billion-dollar venture would develop a copper, zinc and lead integrated smelting and refining complex in Ras Al-Khair Mineral City, Trafigura said. This was part of the kingdom’s Vision 2030 to develop its mining sector and plug the “midstream”, it added.

Saudi Aramco said it had signed agreements with 15 international partners worth more than US$34 billion. The deals include an agreement to build an integrated petrochemical complex and downstream park in the second phase of the SATORP refinery, jointly held by Saudi Arabia’s Aramco and Total; and investments in retail petrol stations also by Aramco and Total. – Reuters