The crude oil sales agreements signed at the 2019 CIIE further solidifies the Company's position as China's top crude supplier and reflects the Company's marketing efforts on strategic relations and market expansion
Continuous downstream expansion in China demonstrates the Company's long-term commitment for China's energy security
Shanghai, China, November 7, 2019 - Saudi Aramco signed crude oil sales agreements for 2020 with five Chinese customers, increasing total volume by 151,000 barrels per day compared to their 2019 supply contracts. These new sales agreements further solidify the Company's position as China's top crude supplier.
These five new agreements were signed separately on the sideline of the second China International Import Expo (CIIE), the largest trade fair held under the patronage of Chinese President Xi Jinping.
Commenting on the newly signed agreements, Ahmed Al-Subaey, vice president of Marketing, Sales and Supply Planning, said, “The new agreements signed at CIIE reflect Chinese customers' continued faith in Saudi Aramco's supply stability and operational excellence. Likewise, the new agreements demonstrate our continued commitment to the world's fastest growing oil market.”
This is the second consecutive year that Saudi Aramco has attended CIIE. Last year, the Company signed a number of crude oil sales agreements with Chinese customers that helped to propel Chinese crude oil sales in 2019 to new levels. These agreements reflect the Company's efforts to strengthen its position in China and support the country's growth in refining and petrochemicals, as well as the overall energy security.
About Saudi Aramco
Saudi Aramco is a global integrated energy and chemicals company. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world's oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.saudiaramco.com
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Forward-Looking Information
This release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements. Saudi Aramco believes that the forward-looking statements are based upon reasonable assumptions and expectations. However, you are cautioned that any such forward-looking statements are not guarantees of the future and that a number of risks and uncertainties could cause actual events to differ materially from those anticipated in the forward-looking statements.