Aramco and Sinopec to Strengthen Ties Sign MoU on Collaboration in China

aramco-sinopec-sign-mou-china-ksa Saudiscoop
Dhahran, Saudi Arabia, Aramco, through its subsidiary Saudi Aramco Asia Company Limited signed an MoU with Sinopec for collaboration in China.

Dhahran, Saudi Arabia — Aramco, through its subsidiary Saudi Aramco Asia Company Limited (SAAC), signed an MOU with Sinopec, China Petroleum & Chemical Corporation, for collaboration in China.

SAAC and Sinopec plan to support Fujian Refining and Petrochemical Company, Ltd. (FREP) for optimizing and expanding capacity feasibility study.

This MoU underlines continued downstream collaboration between Aramco and Sinopec. Capitalizing on each company’s strengths and long-term relationships through existing joint ventures, SSPC, and FREP in China. And Yanbu Aramco Sinopec Refining Company in Saudi Arabia.

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Mohammed Y. Al Qahtani, Aramco’s Senior Vice President of Downstream, said, “The MoU symbolizes an exciting new chapter in our long-standing association with Sinopec.

“Such alliances promote our expansion and downstream integration plan in Asia. It supports our broader objectives of becoming a world leader in liquids-to-chemicals. A resilient and reliable supplier of the lowest upstream carbon intensity oils to meet China’s growing demand.”

Sinopec Corporation President Yu Baocai said: “Sinopec and Aramco enjoy a long history of successful collaboration with continued strengthening of our strategic relationship.

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Both companies unite in mutually profitable crude trading, refining, chemical joint ventures, engineering services, and developing technology. Together such cooperation represents a model of energy collaboration between China and Saudi Arabia.

“The signing of this MOU will support our refinery feedstock optimization and downstream petrochemical development while presenting new opportunities to deepen and develop activity amid an accelerating international energy transition.”

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