Aramco ink MOU with Sinopec to cooperate on new ventures in Saudi Arabia
(MENAFN) The Saudi Arabian Oil firm Aramco inked a memorandum of understanding (MoU) with China Petroleum & Chemical Corporation (Sinopec) for numerous possible cooperation in Saudi Arabia, the Saudi firm stated on Wednesday.
The MoU strengthens the two-sided relations among the sides and established collaboration in numerous sectors such as refining and petrochemical integration; engineering, procurement and construction; oilfield services, upstream and downstream technologies in addition to cooperation through carbon capture and hydrogen processes.
The firms are going to also talk about the chances for the launch of a domestic industrial hub in King Salman Energy Park.
Aramco’s Senior Vice President of Downstream Mohammed Al-Qahtani was recited as stating in the announcement that "This latest collaboration will help to further advance our strategic relationship with Sinopec into key areas of mutual benefit within the Kingdom."
Sinopec Leader Yu Baocai, for his part, highlighted "fruitful collaborations and developed deep friendship" between the two companies over the years.
Baocai stated that "The signing of the MOU introduces a new chapter of our partnership in the Kingdom. The two companies will join hands in renewing the vitality and scoring new progress of the Belt and Road Initiative and Vision 2030."
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