Skip to main content

Saudi Aramco, Saudi Arabia's state oil firm, will sign deals with 10 U.S. companies on Saturday during President Donald Trump's visit to Saudi Arabia, Reuters reports.

The deals with top U.S. companies such as oilfield services firms Schlumberger (SLB) - Get Schlumberger NV Report, Halliburton (HAL) - Get Halliburton Company Report, Baker Hughes (BHI) , and Weatherford (WFT) - Get Weatherford International plc Report are part of the oil giant's push to develop local manufacturing.

Aramco will also sign deals with General Electric (GE) - Get General Electric Company Report and drilling companies National Oilwell Varco (NOV) - Get NOV Inc. Report, Nabors Industries (NBR) - Get Nabors Industries Ltd. Report and Rowan Companies (RDC) .

Saudi Aramco is expected to be the biggest initial public offering in history when it prices next year.

TheStreet Recommends

Jim Cramer and the AAP team know what's causing oil prices to decline, and they're telling their investment club members what to do about Apache, Schlumberger and Cimarex. Get his insights or analysis with a free trial subscription to Action Alerts Plus.