Saudi Arabian Oil Company (Aramco) has signed a memorandum of understanding (MoU) with China Petroleum and Chemical Corporation (Sinopec) covering multiple areas of potential collaboration between both the parties in Saudi Arabia. This association will strengthen relationships with Sinopec and support strategic investments in Saudi Arabia.
The MoU has outlined pathways for strategic cooperation between Aramco and Sinopec and support the long-term relationship between the two companies and their existing joint ventures in China and in Saudi Arabia.
Saudi Arabian Oil Company (“Aramco”) has signed a memorandum of understanding (MoU) with China Petroleum and Chemical Corporation (Sinopec) covering multiple areas of potential collaboration between both the parties in Saudi Arabia. This association will strengthen relationships with Sinopec and support strategic investments in Saudi Arabia.
“We are delighted to be able to extend our relationship with Sinopec and leverage our mutual strength and reach while creating a path to bring our long-standing cooperation in China to our facilities in Saudi Arabia. This latest collaboration will help to further advance our strategic relationship with Sinopec into key areas of mutual benefit within the kingdom,” Mohammed Y Al Qahtani, Aramco senior vice president of downstream, said.
“Aramco is a very important partner of Sinopec. The two companies have yielded fruitful collaborations and developed deep friendship over the years. The signing of the MOU introduces a new chapter of our partnership in the Kingdom. The two companies will join hands in renewing the vitality and scoring new progress of the Belt and Road Initiative and Vision 2030,” Yu Baocai, president of Sinopec Corp., said.
The wide-ranging areas of potential cooperation include assessing refining and petrochemical integration opportunities; engineering, procurement and construction; oilfield services, upstream and downstream technologies as well as collaboration across carbon capture and hydrogen processes. The companies will also discuss the opportunities for the establishment of a local manufacturing hub in King Salman Energy Park, the company said in a press release.
This latest collaboration builds on existing joint ventures between the two companies, including Fujian Refining and Petrochemical Company (FREP) and Sinopec Senmei (Fujian) Petroleum Company (SSPC) in China, and Yanbu Aramco Sinopec Refining Company (YASREF) in Saudi Arabia.
Fibre2Fashion News Desk (RR)