Minister of Finance Mohammed Al-Jadaan held a press conference at the Marriott Media Center in Riyadh today.[He]said that the agreements signed today with the US side strengthen the Saudi economy in various fields and contribute to creating job opportunities for Saudi youths.
He pointed out that today an agreement was signed to localize the arms industry in the Kingdom, which will achieve the vision of the Kingdom 2030 to provide 50% of the kingdom's purchases of arms in 2030, noting that the signed agreement is an investment agreement and not a purchase of weapons.
On Dow and General Electric:
Among the more than 40 agreements signed during President Trump’s visit are investments valued at $15 billion by GE to build capacity in the Kingdom, generate power, deliver skills training and drive digital transformation.
Dow, the second largest global chemicals company, signed an agreement to invest more than $100 million to construct a facility to produce a range of polymers for coatings and water-treatment applications.
Another version:
Dow, the second largest manufacturer of chemicals in the world, signed an agreement to invest more than $100 million to construct a state-of-the-art manufacturing facility to produce a range of polymers for coatings and water-treatment applications, and a memorandum of understanding for a feasibility study related to a proposed investment in the Company’s Performance Silicones franchise. These agreements are expected to create nearly 450 permanent job opportunities upon completion.
More on GE:
With the aim of building capacity in the Kingdom, generating power, facilitating supplier
training and development and driving digital transformation, GE announced in partnership with the Kingdom a range of Memorandums of Understanding (MOU) and projects valued at $15 billion. Expanding its presence in the Kingdom, GE’s agreements will significantly elevate power generation capabilities; provide a large-scale boost to the global industrial supply chain; and introduce massive productivity and efficiency savings through digital solutions in both the oil and gas and mining sectors.
Here's the graphic the Saudis distributed on Lockheed and Dow.
In yet another release, the Saudis tout:
- 150 Blackhawk helicopters to be assembled in Saudi Arabia in partnership with U.S. company, Lockheed Martin
- Raytheon announces plans to establish new Raytheon Arabia business unit
- Agreement with General Dynamics on localization of ground combat vehicle manufacturing and support.
The Saudis make sure to point out the jobs from these projects will be in Saudi Arabia:
A landmark defense and armaments agreement was reached in Riyadh today at the Saudi-U.S. CEO Forum, including a Letter of Intent totalling $6
billion to assemble 150 Lockheed Martin Blackhawk helicopters.
...A significant number of defense agreements and announcements were made at the Forum and new licences issued for U.S. defense companies to establish their footprint in the Kingdom, further strengthening the established ties of economic interdependency.
An agreement reached with U.S. defense company Lockheed Martin will support the final assembly and completion of an estimated 150 S-70 Black
Hawk utility helicopters in the Kingdom of Saudi Arabia. The program is expected to support approximately 450 jobs in Saudi Arabia. It supports Saudi Arabia’s Vision 2030 by developing local capabilities through technology and
skills transfer.
In addition to establishing Raytheon Arabia, U.S. defense and cyber leader Raytheon will focus on implementing programs to create indigenous defense, aerospace, and security capabilities in the Kingdom....
U.S. defense contractor General Dynamics has agreed to localize design, engineering, manufacturing, and support of armored combat vehicles on current and future programs with a target of fifty-percent localization in support of Vision 2030. (my emphasis.)
Trump did sign an agreement that will increase Saudi investment in one industry in the U.S. -- oil. They have taken over Motiva Enterprises' U.S. operations at the company's facility in Port Arthur, Texas, which is the largest oil refinery in the U.S, with an output of 603,000-barrel-per-day. Until early this month, Motiva was owned by two companies, Royal Dutch Shell Oil and Saudi Aramco. They split up and divided the assets, which included the Port Arthur refinery, 24 oil distribution centers and 5,300 gas stations in 7 states.
Aramco would also take over 26 distribution terminals and have exclusive license to use the Shell brand for gasoline and diesel sales in Texas, the majority of the Mississippi River Valley, and the Southeast and Mid-Atlantic markets.
Shell is slated to become sole owner of two Louisiana refineries with a combined capacity of 472,700 bpd and Shell-branded gasoline stations in Florida, Louisiana and the U.S. Northeast.
According to the Saudis:
Following the announcement [2nd May] that Saudi Aramco has taken full ownership of Motiva Enterprises LLC, the Port Arthur facilities will become the first fully Saudi owned asset for oil refining and marketing in the U.S. Already covering over 24 distribution stations and 5,300 gas stations, Motiva’s existing operations in the U.S. cross seven states: Texas, Alabama, Georgia, Kentucky, Louisiana, Mississippi, and Tennessee.
Today’s agreement will see new investment in increased oil refining capacity at Port Arthur, as well as an expansion of Motiva Enterprises LLC’s operations in the petrochemicals value chain across the United States.
Donald Trump is so desperate for his Administration to be able to claim it accomplished something, and so hungry for approval, that for a little flattery and a lot of pomp and circumstance, he's willing to sign whatever is put in front of him.
