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Saudi Aramco Signs MoU with China’s Zhejiang Province

Saudi Aramco Signs MoU with China’s Zhejiang Province

Friday, 19 October, 2018 - 18:00
An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal. (Reuters)
Asharq Al-Awsat
Saudi Aramco Company signed a memorandum of understanding (MoU) with the government of Zhejiang Province, in China, reported the Saudi Press Agency on Friday.

Signed during the Second International Petroleum and Natural Gas Companies' Conference, the MoU covers the acquisition of a stake in the new refinery project of Zhejiang Petrochemicals' corporation.

"We are looking to increase our investment, in China's refineries and petrochemicals,” said Abdulaziz Al-Qademi, Senior Vice President of Saudi Aramco for Refining.

“Such an agreement will increase our customer base, as a result of our focus on the markets,” he continued, adding that Saudi Aramco is a key partner, in a range of refining and petrochemicals businesses, in China.

The Saudi oil giant, plays an important role in securing China's energy. The company has steadily increased its supply to Chinese oil companies, making it the largest supplier of oil to China, since 2006, he stated.

Saudi Aramco is working to create a better balance between world-class exploration, production, refining and processing as part of its strategy to strengthen its resources' base, through both increased horizontal and vertical integration, across the hydrocarbon value chain, Qademi stressed.

The successful implementation of such a strategy will provide a global, strategic and integrated network and a more robust and resilient portfolio against market volatility or abrupt turmoil, he added.

The company is also working to establish major joint ventures for refining, marketing and petrochemicals' industries, in major consuming countries, such as China and India, along with Malaysia, as well as our assets, in the United States, South Korea and Japan, he said.

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