
Saudi Aramco and NOV Sign Joint Venture Agreement
Saudi Aramco signed a shareholder agreement with National Oilwell Varco, Inc. (NOV) to form a joint venture partnership to establish an integrated world-class on-shore rig and equipment manufacturing and aftermarket facility in Ras Al-Khair in Saudi Arabia. Per the shareholder agreement, Saudi Aramco will own 30% of the joint venture’s shares, while NOV will own the remaining 70%.