A Memorandum of Understanding (MoU) was signed by Aramco and Sinopec, which outlines many possible areas of cooperation between the two parties in Saudi Arabia.
Aramco stated that the MoU “outlines paths for strategic collaboration between Aramco and Sinopec and promotes the long-term partnership between the two businesses and their existing joint ventures in China and the Kingdom.”
Aramco’s Senior Vice President of Downstream, Mohammed Y. Al Qahtani, said: “We are thrilled to be able to strengthen our partnership with Sinopec, take advantage of our complementary strengths, and pave the way for the expansion of our long-standing partnership in China to our Saudi Arabian facilities. Our strategic connection with Sinopec will be further advanced thanks to our most recent collaboration into important fields where we can both gain from them in the Kingdom.”
President of Sinopec Corporation Yu Baocai stated: “One of Sinopec’s most significant partners is Aramco. Over the years, the two businesses have forged lucrative alliances and strong friendships. Our collaboration in the Kingdom enters a new phase with the signing of the Memorandum of Understanding. The Belt and Road Initiative and Vision 2030 will see fresh life and advancement thanks to the collaboration of the two businesses.”
Assessing chances for petrochemical and refining integration, engineering, procurement, and 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.
The businesses will also talk about the potential for developing a regional industrial cluster at King Salman Energy Park.
The two companies already work together through joint ventures, such as Yanbu Aramco Sinopec Refining Company (YASREF) in Saudi Arabia and Sinopec Senmei (Fujian) Petroleum Company (SSPC), and Fujian Refining and Petrochemical Company (FREP) and Sinopec Senmei (Fujian) Petroleum Company (SSPC) in China.
