Saudi Aramco announced exploring opportunities for cooperation with ShanDong High-Speed Renewable Energy Group in the integrated refining and petrochemicals field in China.
The company signed a memorandum of understanding with Shandong Energy Group, which includes a possible agreement for the supply of crude oil.
It also signed a chemical products purchase agreement, to support its role in building a thriving refining and petrochemicals sector in China’s Shandong Province.
The company added that the scope of the MoU extends to cooperation across technologies related to hydrogen, renewable energy sources, and carbon capture and storage.
Aramco indicated that this agreement enhances its efforts to support the demand for energy, petrochemicals, and non-metallic materials in China
Aramco seeks to expand its capacity in converting liquids into chemicals to reach 4 million barrels per day by 2030.
Mr. Muhammad Al-Qahtani, Senior Vice President of Marketing at Aramco, said that the company seeks, through this cooperation, to create new paths for growth in a country that leads to the increasing integration of refining and petrochemical operations.
He pointed out that this cooperation extends to hydrogen, renewable energy sources, and carbon sequestration.
The Chinese president arrived last week in the Kingdom of Saudi Arabia, on an official visit that will last until Friday.
Saudi Press Agency, “SPA”, stated that the visit comes at the invitation of the Saudi monarch, King Salman bin Abdulaziz, and in order to strengthen the historical relations and the distinguished strategic partnership that unites the Kingdom of Saudi Arabia and the People’s Republic of China.
During the visit, a Saudi-Chinese summit took place, chaired by the Custodian of the Two Holy Mosques and the Chinese President, with the participation of Prince Mohammed bin Salman, the Crown Prince, and Prime Minister.
Other three summits also took place: the Saudi-Chinese, the Gulf-Chinese, and the Arab-Chinese, in the presence of more than 30 leaders of countries and international organizations, which reflects the importance of holding these summits, and the regional and international attention they enjoy.
Moreover, Egyptian President Abdel Fattah El-Sisi arrived in Riyadh to attend the Arab-Chinese summit, and the Crown Prince of Kuwait arrived in the Saudi capital to participate in the Arab and Gulf-Chinese conferences.