Saudis greet Trump with deals worth billions

US President Donald Trump and Saudi Deputy Crown Prince and Minister of Defense Mohammed bin Salman © Kevin Lamarque / Reuters

Saudi Arabia welcomed U.S. President Donald Trump with agreements for deals worth tens of billions of dollars, as he embarked on his first state visit to the kingdom.

Oil giant Saudi Aramco said it signed 16 accords with 11 companies valued at about $50 billion. Reuters say, US companies Schlumberger, Halliburton, Baker Hughes, and Weatherford will help Saudi Arabia to develop local production.

The Saudis will also sign deals with General Electric and drilling companies National Oilwell Varco, Nabors Industries and Rowan Companies, sources said. “These new partnerships will boost bilateral investment toward localization,” said one source.

US firms and Aramco have a long history of cooperation including consultancy and project management services.