Saudi Aramco Expands Chinese Refining Market, Co-sign MoU, with Zhejiang Petrochemicals
Dammam, Saudi Aramco Company co-signed a memorandum of understanding (MoU) with the government of Zhejiang Province, in China, during the Second International Petroleum and Natural Gas Companies' Conference, to acquire a stake in the new refinery project of Zhejiang Petrochemicals' corporation.
"We are looking to increase our investment, in China's refineries and petrochemicals, thus, Saudi Aramco has recently co-signed an agreement to supply crude oil with Zhejiang Petrochemicals. Such agreement will increase our customer base, as a result of our focus on the markets", according to Abdulaziz Al-Qademi, Senior Vice President of Saudi Aramco for Refining, adding that Saudi Aramco is a key partner, in a range of refining and petrochemicals business, in China.
The Saudi oil giant, plays an important role in securing China's energy. 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 assets, in the United States, South Korea and Japan, Al-Qademi concluded.
Source: Saudi Press Agency