State-owned energy companies Saudi Aramco and Shandong Energy group have agreed to explore options to collaborate on integrated refining and petrochemical projects.
The firms have signed a Memorandum of Understanding (MoU) deal that includes a possible crude oil supply arrangement and a chemical products offtake agreement. Aramco’s statement said the deal would help the company develop a downstream economy in China’s Shandong province. The MoU also mentions collaboration in hydrogen, renewables, and carbon capture and storage technologies.
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Following Chinese President Xi Jinping’s recent visit to Saudi Arabia, the two countries’ officials reiterated the importance of global oil market stability and Saudi Arabia’s role in it, according to a joint statement on Friday.
Li Wei, chairman of Shandong Energy group, said: “Both Shandong Energy and Aramco are important players in the international energy arena. We share a lot of common interests, complementary strategies with expansive scope for cooperation, especially in oil and gas resources development and integrated refining and petrochemicals development along the whole industrial chain.”
During a three-day visit to Riyadh, Jinping signed several agreements with Saudi officials. According to news agency France24, Beijing intends to strengthen its Covid-hit economy and the Saudis, long-time US allies, seek to diversify their economic and political alliances.
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