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SABIC signs MoU with Aramco, Sinopec to measure financial, technical feasibility
(MENAFN) Saudi Basic Industries Corp. has inked a memorandum of understanding with energy giant Saudi Aramco as well as China Petroleum & Chemical Corp., recognized as Sinopec, to measure the financial and technical feasibility of improving an integrated petrochemical complex with a current refinery in Yanbu.
In an announcement given to the Saudi Stock Exchange, SABIC pointed out that this MoU would be active for a year and a half (18 months).
The inking of the MoU comes only a couple of days following China grew its ties with Saudi Arabia throughout Chinese leader Xi Jinping's trip to the Kingdom.
Jinping pointed that China is going to also grow oil exchange with Saudi Arabia and also said that his trip will act as a historic milestone for Chinese ties with the energy-rich Middle East.
“These projects represent an opportunity to contribute to a modern, efficient and integrated downstream sector in both China and Saudi Arabia. They also underpin our long-term commitment to remain a reliable supplier of energy and chemicals to Asia’s largest economy,” according to Aramco Senior Vice Leader of Downstream, Mohammed Y. Al Qahtani, in an announcement.
In an announcement given to the Saudi Stock Exchange, SABIC pointed out that this MoU would be active for a year and a half (18 months).
The inking of the MoU comes only a couple of days following China grew its ties with Saudi Arabia throughout Chinese leader Xi Jinping's trip to the Kingdom.
Jinping pointed that China is going to also grow oil exchange with Saudi Arabia and also said that his trip will act as a historic milestone for Chinese ties with the energy-rich Middle East.
“These projects represent an opportunity to contribute to a modern, efficient and integrated downstream sector in both China and Saudi Arabia. They also underpin our long-term commitment to remain a reliable supplier of energy and chemicals to Asia’s largest economy,” according to Aramco Senior Vice Leader of Downstream, Mohammed Y. Al Qahtani, in an announcement.
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