Saudi Aramco signs $25bn in deals as part of attempt to increase local content

Saudi Aramco has said it will sign deals valued at around $25bn (£19.5bn) with local and foreign companies as Saudi Arabia pushes to diversify its economy.

The oil company plans to pen 30 agreements during a two-day long event in the Gulf state.

The In-Kingdom Total Value Add Program, which runs on Monday and Tuesday, aims to double the share of locally produced energy-related goods and services to 70 per cent by 2021.

The $400bn programme was outlined by the state-owned oil giant several years ago.

It partners with over 400 companies supplying 24 commodities and is aligned to Vision 2030 – the regime’s plan for the Saudi economy.

The Gulf state is attempting to diversify its economy over fears it has become too reliant on oil.

International investors and companies pulled out of a Saudi conference earlier this year after the death of journalist Jamal Khashoggi in the beginning of November.

Earlier today several US senators called on President Donald Trump to take action over the death of Khashoggi, after Trump vowed to remain a “steadfast partner” of Saudi Arabia, despite the CIA’s conclusion that crown prince Mohammed bin Salman ordered the killing.

“I disagree with the president’s assessment. It’s inconsistent with the intelligence I’ve seen,” which implicates the crown prince, Republican Senator Mike Lee said on NBC’s Meet the Press.

“Look, the president is not being honest with the country about the murder of Jamal Khashoggi,” representative Adam Schiff said on CNN’s State of the Union. “What’s driving this?”