Saudi Aramco expands presence in China refining market with signing of MOU with Zhejiang Petrochemical
Saudi Aramco recently signed a Memorandum of Understanding with the Chinese Zhejiang provincial government to acquire a share of Zhejiang Petrochemical’s new refinery project. The signing ceremony was held during the 2nd International Petroleum and Natural Gas Enterprises Conference (IPEC).
“We are exploring opportunities for new refining and petrochemicals facilities, making further investments in China. Saudi Aramco has recently signed a crude oil supply agreement with Zhejiang Petrochemical (Rongsheng),” said Abdulaziz M. Al-Judaimi, Saudi Aramco senior vice president of Downstream. “This increase in customer base is due to our continuous focus and attention to the Chinese market.
“We are also a major joint venture partner in a growing portfolio of refining and petrochemical assets in China,” he added.
A key part of China’s energy security
Saudi Aramco plays an important part in China’s energy security. Since our first crude oil delivery to China, we have steadily increased our supply to Chinese oil companies in line with their requirements. Since 2006, no one has delivered more oil to China than Saudi Aramco. Helping China meet its critical energy needs shows Saudi Aramco’s commitment to key global markets.
Saudi Aramco is working to achieve a better balance between its world-class upstream and its growing downstream operations.
The company’s downstream strategy seeks to enhance the value of the hydrocarbon resource base by targeting increased horizontal and vertical integration across the hydrocarbon value chain. The successful execution of the downstream strategy would deliver a world leading, strategically integrated downstream network and a robust portfolio that is more resilient to market turbulence.
Major refining, marketing, and petrochemicals joint ventures are being created in leading consuming nations such as China, India, and Malaysia, in addition to our existing assets in the U.S., South Korea, and Japan.
Photo caption: In the presence of Abdulaziz M. Al-Judaimi, Saudi Aramco senior vice president of Downstream, and governor Yuan Jiajun, Saudi Aramco vice president of International Operations Said A. Hadrami and vice governor Zhu Congjiu sign a Memorandum of Understanding between Saudi Aramco and the People’s Government of Zhejiang to acquire a share of Zhejiang Petrochemical’s new refinery project at the International Petroleum and Natural Gas Enterprises Conference 2018 in Zhoushan, China’s Zhejiang province on Oct. 18.