The Saudi Arabian Oil Company (Aramco) and the China Petroleum & Chemical Corporation (Sinopec) have signed a Memorandum of Understanding (MoU) outlining a number of potential areas for cooperation in Saudi Arabia.
The MoU promotes the long-term partnership between the two companies and their current joint ventures in China and the Kingdom and identifies avenues for further strategic cooperation.
Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, explained: “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.”
“This latest collaboration will help to further advance our strategic relationship with Sinopec into key areas of mutual benefit within the Kingdom”
Yu Baocai, President of Sinopec Corporation, said: “Aramco is a very important partner of Sinopec. The two companies have yielded fruitful collaborations and developed a 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.”
“The two companies will join hands in renewing the vitality and scoring new progress of the Belt and Road Initiative and Vision 2030”
Assessing opportunities for petrochemical and refining integration, engineering, procurement, construction, oilfield services, upstream and downstream technologies, and collaboration between carbon capture and hydrogen processes are just a few of the many possible areas of cooperation.
Additionally, Aramco and Sinopec will discuss the potential for developing a local manufacturing hub in King Salman Energy Park.