Sinopec and Saudi Aramco increase cooperation in Saudi Arabia

Latest News: On August 3, Sinopec and Saudi Aramco signed a memorandum of cooperation on a package of cooperation in Saudi Arabia, covering investment in petroleum and petrochemical projects, petroleum and refining engineering services, material supply, and equipment manufacturing , carbon capture, hydrogen energy and other fields. The signing of the memorandum lays the foundation for further consolidating and expanding the long-term strategic cooperation between the two parties.

Yu Baocai, President of Sinopec Corp., said that Saudi Aramco is a very important partner of Sinopec. Over the years, the two sides have carried out a lot of fruitful cooperation in China and Saudi Arabia and established a profound friendship. The signing of this memorandum of cooperation has opened a new page for the cooperation between the two sides in Saudi Arabia. The two sides will cooperate sincerely to inject new vitality and contribute new achievements to the “Belt and Road” initiative and the 2030 development vision.

Saudi Aramco Senior Vice President Mohammed Y.Al
Qahtani) said that he is very happy to further expand the cooperative relationship with Sinopec, and use the strength and influence of both sides to bring the successful experience of the two sides in long-term cooperation in China to Saudi Arabia. This cooperation will help further advance our strategic cooperation with Sinopec to key areas in Saudi Arabia, and ultimately benefit all parties.

Sinopec is a joint-stock company that integrates upstream, mid-stream and downstream operations in oil and gas business and is listed at home and abroad. Its parent company, Sinopec Group Corporation, is the world’s largest oil refining company and the second largest chemical company, and has been ranked among the top 5 of the Fortune Global 500 for many years.

Saudi Aramco is a globally integrated energy and chemicals company. The company produces about one-eighth of the world’s crude oil, and at the same time develops new energy technologies, with employees all over the world, focusing on the reliable, sustainable development and efficient use of resources, promoting the stability and long-term growth of the world economy, and wholeheartedly committed to creating for the world positive influence.