Saudi Oil Company Seeks to Sign $10 Billion Contract with France

Saudi Arabia's oil company, Aramco, is set to sign eight contracts worth $10 billion with France. Officials from both sides announced that all agreements have been finalized, and the contracts will be concluded on Tuesday, April 10, coinciding with the official visit of Saudi Crown Prince Mohammed bin Salman to France. The Crown Prince, who is also the Minister of Defense of Saudi Arabia, arrived in France on Monday, but his official two-day visit begins on Tuesday. France and Saudi Arabia face serious challenges in Middle Eastern politics, including the ongoing civil war in Syria and the Iran nuclear agreement known as the 'JCPOA,' which Saudi Arabia criticizes. Although France, the UK, and Germany have proposed further sanctions against Iran to keep the US in the JCPOA, this proposal has faced opposition from countries like Italy, Austria, and Spain. Sources familiar with the matter told Reuters that the agreement between Aramco and the French oil company Total will allow Saudi Arabia to expand its oil extraction sector. The report states that the Crown Prince will not attend the signing ceremony for the memorandum of understanding and investment, similar to his absence in the US and the UK last month. It has also been reported that Saudi Arabia and France will collaborate on tourism, which aligns with Mohammed bin Salman’s policy to reduce dependence on oil revenues and to open up society and implement social reforms in Saudi Arabia. Additionally, the Paris Opera has announced efforts to establish a national orchestra in Saudi Arabia. Saudi Arabia's Minister of Culture, Awad Alawad, also announced that Riyadh will officially participate this year with nine short films at the Cannes Film Festival in France.