//Saudi to sign deals worth $50 billion in oil, gas and infrastructure

Saudi to sign deals worth $50 billion in oil, gas and infrastructure

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RIYADH (Reuters) – Saudi Arabia started signing deals worth more than $50 billion in sectors including oil, gas and infrastructure at an investment conference in Riyadh on Tuesday.

FILE PHOTO: General view of Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

Companies involved in the deals included Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes, state television said.

The deals include the establishment of a copper, zinc and lead smelter with Trafigura Group; an 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 petrol stations also by Aramco and Total, a source familiar with the matter said.

Saudi Arabia’s transport minister signed a deal for the second phase of the Haramain high-speed railway with a Spanish consortium, state television al-Ekhbariya said on its twitter account.

Reporting by Rania El Gamal; Writing By Maha El Dahan; Editing by Susan Fenton and Dale Hudson