Aramco, Sinopec sign downstream collaboration agreement
Companies to optimise operations at Fujian Refining and Petrochemical Company
Dhahran: Aramco and Sinopec have signed an agreement for potential downstream collaboration in China, it was announced on Tuesday.
The deal also aims to support Fujian Refining and Petrochemical Company Ltd (FREP) in conducting a feasibility study into the optimisation and expansion of capacity.
The MoU will see Aramco and Sinopec capitalising on each other’s strengths and their long-term relationship through existing joint ventures, namely FREP and Sinopec Senmei (Fujian) Petroleum Company (SSPC) in China, and Yanbu Aramco Sinopec Refining Company in Saudi Arabia.
Mohammed Y. Al Qahtani, Aramco’s Senior Vice President of Downstream, said: “This MoU represents an exciting new chapter in our long-standing relationship with Sinopec. Such collaborations promote our downstream integration and expansion strategy in Asia and support our broader objectives of becoming a global leader in liquids-to-chemicals and a resilient and reliable supplier of one of the lowest upstream carbon intensity oils to meet China’s growing demand.”
Yu Baocai, President of Sinopec Corporation, said: “The signing of this MoU will support our refinery feedstock optimisation and downstream petrochemical development, while offering new opportunities to deepen and expand activity amid an accelerating global energy transition.”