Logo of Saudi Aramco
Saudi Arabian Oil Co. (Saudi Aramco) signed today, Aug. 3 a memorandum of understanding (MoU) with China Petroleum & Chemical Corporation (Sinopec) covering multiple areas of potential collaboration between the parties in Saudi Arabia.
The MoU outlines pathways for strategic cooperation between Aramco and Sinopec and supports the long-term relationship between the two companies and their existing joint ventures in China and in the Kingdom, Aramco said in a statement.
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.