Saudi oil giant Aramco has signed an initial agreement with China Petroleum & Chemical Corp., known as Sinopec, to collaborate on projects in the Kingdom, according to a statement.
The areas of potential cooperation include upstream and downstream businesses, engineering and construction, oilfield services, carbon capture and hydrogen.
The companies will also discuss the opportunities for the establishment of a local manufacturing hub in King Salman Energy Park.
Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said: “We are delighted to be able to extend our relationship with Sinopec and leverage our mutual strength and reach while creating a path to bring our long-standing cooperation in China to our facilities in Saudi Arabia.
“This latest collaboration will help to further advance our strategic relationship with Sinopec into key areas of mutual benefit within the Kingdom."
Yu Baocai, President of Sinopec, said: “The two companies will join hands in renewing the vitality and scoring new progress of the Belt and Road Initiative and Vision 2030.”