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oilmonster
Crude Oil December 19, 2022 06:54:33 AM

Saudi Aramco and Sinopec to Build Oil Refinery Complex in China

Anil
Mathews
OilMonster Author
As per the agreement, it will build a refinery as well as a petrochemicals plant.
Saudi Aramco and Sinopec to Build Oil Refinery Complex in China

SEATTLE (Oil Monster): Saudi Aramco announced that it has reached an initial agreement with China Petroleum and Chemical Corporation (Sinopec) to build a refinery and petrochemicals plant complex in China.

As per the agreement, it will build a refinery as well as a petrochemicals plant. The refinery will have capacity of 320,000 barrels per day, whereas the petrochemicals plant will have a capacity of 1.5 million tonnes-per-year, said the company in a statement.

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Also, the two companies, in collaboration with Saudi Basic Industries Corporation (SABIC) has agreed to conduct a feasibility study on setting up an integrated petrochemicals complex at its existing Yanbu refinery.

Mohammed Al Qahtani, senior vice president of downstream at Saudi Aramco noted that the projects represent an opportunity to contribute to a modern, efficient and integrated downstream sector in China and Saudi Arabia.

Furthermore, it reiterates Aramco’s long-term commitment to remain a reliable supplier of energy and chemicals to Asia’s largest economy, Qahtani added. Earlier this month, Aramco had entered into an agreement with Chinese Shandong Energy Group towards supply of crude oil and chemical products.

During his recent visit by the Chinese President to Saudi Arabia, the two counties had agreed to boost bilateral political, economic and energy ties.


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