In order to take advantage of integrated refining and petrochemical potential in China, Aramco and Shandong Energy Group are investigating collaboration.
The MoU covers collaboration on hydrogen, renewable energy, and carbon capture and storage technologies.
Aramco’s engagement in developing a downstream industry in Shandong Province is supported by the firms’ signing of a Memorandum of Understanding that includes possible crude oil supply agreements and agreements for the offtake of chemicals products.
The signing ceremony, which included the Shandong Provincial People’s Government, emphasized the significance of Aramco’s partnerships with Chinese businesses.
“Through collaborations like these in China’s energy core, we are developing new paths for growth in a country that is driving the increased integration of refining and petrochemical processes,” said Mohammed Y. Al Qahtani, Senior Vice President of Downstream at Aramco. I am thrilled that this cooperative spirit is being extended to hydrogen, renewable energy, and carbon capture, and I am enthusiastic about the prospect of even more collaboration in these crucial fields that will determine the course of our shared future.
Shandong Energy and Aramco are both significant players in the global energy market, according to Li Wei, Chairman of Shandong Energy Group. We have many shared interests, complementary strategies, and a wide range of opportunities for collaboration, particularly in the development of oil and gas resources and integrated refining and petrochemicals along the entire industrial chain.
