Saudi Aramco signs MoU with Zhejiang Petrochemical

Saudi Aramco recently inked a memorandum of understanding (MoU) with the government of the Chinese province of Zhejiang during the Second International Petroleum and Natural Gas Enterprises Conference (IPEC) to acquire a stake in a new refinery project of Zhejiang Petrochemicals Corporation, Saudi Press Agency said on Friday.

"We are looking to increase our investment in China's refineries and petrochemicals. Saudi Aramco has recently sealed a deal to supply crude oil to Zhejiang Petrochemicals. This increase in customer base is the result of our focus and attention to the Chinese market. We are also a major partner in a growing portfolio of refining and petrochemical assets in China.

Saudi Aramco plays an important role part in China’s energy security. The company has steadily increased its supply to Chinese oil companies, making it the largest supplier of oil to China since 2006, he stated.

Saudi Aramco is working to create a better balance between world-class exploration, production, refining and processing, as the company's strategy is to strengthen its resources’ base through both increased horizontal and vertical integration across the hydrocarbon value chain, he pointed out, reaffirming that successful implementation of such a strategy will provide a global, strategic and integrated network and a more robust and resilient portfolio in the face of market volatility or abrupt turmoil.

The company is also working to establish major joint ventures for refining, marketing and petrochemicals’ industries, in major consuming countries, such as China and India, along with Malaysia, as well as our existing assets, in the United States, South Korea and Japan,” Al-Qademi concluded.