Saudi to sign $50 billion in oil, gas, infrastructure deals: source

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Tue, 23 Oct 2018 - 08:48 GMT

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Tue, 23 Oct 2018 - 08:48 GMT

FILE PHOTO: A view shows Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, March 16, 2017. REUTERS/Esam Omran Al-Fetori/File Photo

FILE PHOTO: A view shows Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, March 16, 2017. REUTERS/Esam Omran Al-Fetori/File Photo

RIYADH - 23 October 2018: Saudi Arabia plans to sign deals worth more than $50 billion in the oil, gas, industries and infrastructure sectors at an investment conference in Riyadh on Tuesday, a source familiar with the matter said.

The deals will be signed with companies including Trafigura, Total (TOTF.PA), Hyundai (011760.KS), Norinco (000065.SZ), Schlumberger, Halliburton (HAL.N) and Baker Hughes (BHGE.N), the source said.

The deals will include the establishment of a copper, zinc and lead smelter with Trafigura Group; a joint 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 gas stations also by Aramco and Total.

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