Aramco and China's oil refiner Sinopec signed a Memorandum of Understanding on Wednesday in Riyadh for multiple potential collaborations in Saudi Arabia.
The MoU outlines pathways for strategic cooperation between Aramco and Sinopec and supports the long-term relationship between the two companies and their existing joint ventures in China and in the Kingdom.
Aramco Senior Vice President of Downstream Mohammed Al Qahtani said the MoU would help further advance the strategic relationship with Sinopec into key areas of mutual benefit in the Kingdom.
“This latest collaboration will help to further advance our strategic relationship with Sinopec into key areas of mutual benefit within the Kingdom,” he added.
For his part, President of Sinopec Yu Baocai said the signing of the MoU introduces a new chapter of the partnership in the kingdom.
The two companies will join hands in renewing vitality and scoring new progress in China's Belt and Road Initiative and Saudi Arabia's Vision 2030, Yu added.
The cooperation between Aramco and Sinopec covers wide-ranging areas such as assessing refining and petrochemical integration opportunities, engineering, procurement and construction, oilfield services, upstream and downstream technologies, and collaboration across carbon capture and hydrogen production processes.
The two companies will also discuss opportunities for the establishment of a manufacturing hub in King Salman Energy Park in eastern Saudi Arabia.
This latest collaboration builds on existing joint ventures between the two companies, including Fujian Refining and Petrochemical Company and Sinopec Senmei (Fujian) Petroleum Company in China, and the Yanbu Aramco Sinopec Refining Company in Saudi Arabia.
