Saudi Arabian Oil Company (Aramco) on Wednesday signed a Memorandum of Understanding (MoU) with China Petroleum and Chemical Corporation (Sinopec) covering multiple areas of potential collaboration between the parties in Saudi Arabia and China.
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.
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.
“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,” Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said. “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 Corp., said that Aramco is a very important partner of Sinopec. “The two companies have yielded fruitful collaborations and developed deep friendship over the years,” Baocai said. “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.”