Saudi Aramco signs 2020 crude oil supply deals at China's largest trade fair

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

Media Relations: international.media@aramco.com l Aramco

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.


About Aramco

Aramco is a global integrated energy and chemicals company 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, sustainable and useful, promoting stability and long-term growth around the world. www.aramco.com

International media: international.media@aramco.com
Domestic media: domestic.media@aramco.com

About the Public Investment Fund (PIF)

The Public Investment Fund seeks to become one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia. To achieve this, the Fund is building a world-class, diversified portfolio through investments in attractive, long-term opportunities across sectors and asset classes at both the domestic and international levels. Working alongside global strategic partners and renowned investment managers, PIF acts as the Kingdom’s main investment arm to deliver a strategy focused on achieving attractive financial returns and long-term value for the Kingdom of Saudi Arabia, in line with Saudi Vision 2030.

The Public Investment Fund Program (2018-2020), part of the Kingdom’s Vision 2030 Vision Realization Programs, acts as a roadmap to strengthen PIF’s position as the engine behind economic diversification in the Kingdom and its role in transforming Saudi Arabia into a global investment powerhouse. The program will see the Fund’s Assets Under Management increase to over $400 billion by 2020 and outlines how PIF aims to complement private sector development in the Kingdom through its new domestic investment, split between the Fund’s Saudi Holdings, Saudi Sector Development, Saudi Real Estate & Infrastructure Development, and Saudi Giga-Projects. For more information please visit www.PIF.gov.sa.

Media contact: media@PIF.gov.sa

About Saudi Basic Industries Corporation (SABIC)

SABIC is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. SABIC manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals.

SABIC supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy. Production in 2019 was 72.6 million metric tons. SABIC has more than 33,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, SABIC has 11,738 global patent filings, and has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia.

Media contact: pressoffice@sabic.com