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.”