Aramco, the Saudi Arabian Oil company, has signed up a memorandum of understanding (MoU) with the Chinese company Sinopec to collaborate on multiple business opportunities.
The agreement will have the two companies work together on several sectors, including refining and petrochemical integration; engineering, procurement, and construction; oilfield services, upstream and downstream technologies, and collaboration across carbon capture and hydrogen processes.
Additionally, the companies will look to establish a local manufacturing hub in King Salman Energy Park.
Since both the companies are long-standing partners with various joint ventures – including Fujian Refining and Petrochemical Company (FREP) and Sinopec Senmei Petroleum Company (SSPC) in China, and Yanbu Aramco Sinopec Refining Company (YASREF) in Saudi Arabia – the new collaboration will only support the existing ones.
Announcing the partnership, Mohammed Y. Al Qahtani, Aramco senior vice president of Downstream, said, “We are delighted 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.”
Sinopec President Yu Baocai was very upbeat about the extension of this partnership and said he expects this new MoU will play a key role “in renewing the vitality and scoring new progress of the Belt and Road Initiative and Vision 2030.”
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