Refining & Petrochemicals Middle East

Aramco and Sinopec sign MOU to collaborat­e on projects in Saudi Arabia


State-owned oil giant Saudi Arabian Oil Company (Aramco) has signed 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 wrote in a statement posted on its website.

Mohammed Y Al Qahtani, Aramco senior vice president of downstream, said: “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. This latest collaborat­ion will help to further advance our strategic relationsh­ip with Sinopec into key areas of mutual benefit within the Kingdom.”

Agreeing with this, Yu Baocai, president of Sinopec Corp, said: “Aramco is a very important partner of Sinopec. The two companies have yielded fruitful collaborat­ions and developed a deep friendship over the years.

He explained that 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.”

 ?? ??

Newspapers in English

Newspapers from United Arab Emirates