Aramco's $120B US Deals: New US-Saudi Economic Ties

Aramcos US Partnerships: A New Economic Core for US-Saudi RelationsThe recent visit of Saudi Crown Prince Mohammed bin Salman to Washington has led to a significant reset in the economic core of the US-Saudi partnership, with Aramco, the worlds largest oil company, taking the lead. Aramco has announced thirty-four preliminary agreements with American firms, potentially worth up to ninety billion dollars, covering sectors like liquefied natural gas, refinery upgrades, artificial intelligence, and advanced materials. Another seventeen memorandums of understanding have been signed, adding another thirty billion dollars in potential projects. These agreements are part of Saudi Arabias Vision Two Thousand Thirty, aiming to diversify its economy and reduce reliance on oil. The US, under the Trump administration, seeks to keep Saudi Arabia deeply involved in the American industrial base, especially given growing competition with China. A key area of focus is liquefied natural gas, where Aramco is making a strategic shift to become a major player. These moves strengthen energy security for both nations and allow Saudi Arabia to diversify its energy portfolio beyond just oil. However, the success of these agreements depends on their transition from paper to actual projects, with political risks and potential frictions posing challenges.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.