TELETRADER News
2/25, 7:49 AM (Source: TeleTrader)
more TeleTrader news

Saudi Aramco signs 66 MOU worth $21B

Saudi Aramco said on Tuesday it signed 66 Memorandums of Understanding (MOU) in the overall worth of $21 billion. Memorandums were signed with Hyundai Heavy Industries, Siemens, Mitsubishi Hitachi Power Systems, Schneider Electric and Honeywell International Inc.

It is also said that the company is launching the biggest shale gas development outside the United States in order to increase local gas supply. Chief Executive Officer Amin Nasser told Reuters on Monday that Aramco also wants to end the burning of oil at its power generation factories.

The company also announced on Monday it will close its biggest oil refinery in the city of Ras Tanura that produces approximately 550,000 barrels of oil per day. The shutdown will begin on June 1 and will last five to six weeks.

Breaking the News / TF