Deal between Saudi Aramco and Total to create thousands of jobs
Thousands of new jobs are expected to be created as the result of an agreement that will see Saudi Aramco and Total investing US$1 billion in Saudi Arabia’s retail fuel market.
In a joint statement, the companies said the investment will be spread over a span of six years.
The move is seen as an affirmation of the two companies’ continuing, long-term partnership.
Total said this move is in accordance with its intent to branch out into high-growth regions around the world.
Total and Saudi Aramco also forged an agreement to acquire the Tas’helat Marketing Company and Sahel Transport Company.
With these acquisitions, the Aramco-Total joint venture oversees a network of 270 service stations, in addition to their tanker fleet.