Saudi Arabia, China Forge Giant Partnerships in Energy, Chemicals and Construction

Saudi Arabia, China Forge Giant Partnerships in Energy, Chemicals and Construction

With the conclusion of Chinese President Xi Jinping’s official visit to Saudi Arabia, major Saudi companies working in the field of energy, chemicals and construction announced giant partnerships with China.

- Refining and petrochemicals

Saudi Aramco, one of the world’s largest integrated companies in the field of energy and chemicals, and the Shandong Energy Group revealed that they were exploring opportunities for cooperation in the field of integrated refining and petrochemicals in China.

The two companies have signed a Memorandum of Understanding (MoU), which includes a potential crude oil supply agreement and chemicals products offtake agreement, supporting Aramco’s role in building a thriving downstream sector in Shandong Province, it said.

The signing ceremony, which was conducted with the participation of Shandong Provincial People’s Government, underlined the importance of Aramco’s collaboration with Chinese companies. The scope of the MoU extends to cooperation across technologies related to hydrogen, renewables and carbon capture and storage, it added.

Mohammed Al Qahtani, Aramco senior vice president of downstream, said: “Through collaborations such as this in China’s energy heartland, we are creating new pathways for growth in a country that is driving the increased integration of refining and petrochemical processes.”

- Signing of 9 Agreements

Saudi ACWA Power has also signed a set