Aramco China has signed a non-binding Memorandum of Cooperation (“Memorandum”) with The People's Government of Guangdong Province to explore strategic collaboration opportunities in the province.
Signed on the sidelines of the China Development Forum in Beijing, the Memorandum sets forth a framework to explore investment opportunities in various fields, including energy cooperation, research and innovation, industrial projects, financial cooperation talent exchange and other aspects.
Amin H. Nasser, Aramco's President & CEO said: “Particularly of interest to Aramco, Guangdong has had immense success in attracting large-scale investment to become a leader in petrochemicals and advanced materials. This important Memorandum we signed today will allow us to work together to support Guangdong's economic growth and Aramco's business goals in China.”
Wang Weizhong, Guangdong Governor expressed congratulations to the signing of the MOU, and thanked Aramco for its long-term support to Guangdong. Governor Wang noted President Xi's state visit to KSA in December 2022 during which both countries signed comprehensive strategic partnership and reached consensus on key issues.
Guangdong has been China's largest exporter and provincial economy since the 1990s. It has been China's most populous province since 2006 and hosts one of the densest manufacturing clusters in the world.
The Memorandum aims to support the development of a modern and more sustainable petrochemical industry in the province, and to support demand for energy, petrochemicals and non-metallics in China. It's also aligned with Aramco's aim to expand its liquids to chemicals capacity to up to 4 million barrels per day by 2030.