Saudi Aramco and National Oilwell Varco, Inc. (NYSE: NOV) have signed a shareholder agreement to form a joint venture partnership. The JV is to establish an integrated world-class on-shore rig and equipment manufacturing and aftermarket facility in Ras Al-Khair, Saudi Arabia.

NOV will own a 70% interest in the joint venture, while Saudi Aramco will own 30%.

Deals such as these are to “accelerate economic diversification as part of Vision 2030” for Saudi Arabia, said Amin Nasser, Saudi Aramco’s president and CEO.

The manufacturing f...

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