Saudi Aramco expands downstream investment in China Zhejiang free trade zone

Saudi Aramco today signed a Memorandum of Understanding with China’s Zhejiang Free Trade Zone, in which the Zhoushan Government emphasized its support for incentivizing Saudi Aramco’s greater investment in Zhejiang’s future downstream growth. The MoU was signed in conjunction with a visit to Saudi Aramco’s headquarters in Dhahran by Yuan Jiajun, Governor of the Chinese province of Zhejiang.

Together with prior agreements signed during HRH Crown Prince Mohammed Bin Salman’s visit to China in February this year, this MoU facilitates Saudi Aramco’s planned acquisition of a 9% stake in the Zhejiang integrated refinery and petrochemical complex. It will also include a long-term crude oil supply agreement and the ability to utilize Zhejiang Petrochemical’s large crude oil storage facility to serve its customers in Asia. These activities reflect the Company’s strategy to expand its presence in the Chinese energy sector.

The agreement solidifies Saudi Aramco’s participation in the 400,000 barrels per day refinery from Phase III of the Zhoushan Petrochemical Greenfield project, and also allows the parties to evaluate potential opportunities for investment in other parts of the value chain. These may include refining and petrochemical production, storage and trade of crude oil and natural gas, retail, as well as distribution of oil products within the Zhejiang Free Trade Zone.

Sponsor:

News Category:

Company News

Other News Items

TotalEnergies to cease operating its oldest steam cracker in Antwerp

TotalEnergies’ Antwerp platform provides an update on its investments for the future and announces plan to reconfigure its petrochemicals operations to strengthen competitiveness. ...

23-04-2025
HOERBIGER to break ground on new Florida Campus in Florida

HOERBIGER Corporation of America will hold a ceremony to commemorate the groundbreaking of its future home, the HOERBIGER Florida Campus, on Wednesday, April 23rd. Construction ...

22-04-2025
Amogy and JGC to accelerate commercialisation of ammonia cracking catalyst

Amogy, a provider of mature, scalable, and efficient ammonia-to-power solutions, today announced the first pilot plant deployment of its advanced ammonia cracking catalyst ...

17-04-2025
Clariant teams up with Technip to introduce new steam-to-oil catalyst

Clariant, a global leader in specialty chemicals, today announced the launch of StyroMax UL-100, its most advanced ethylbenzene dehydrogenation catalyst to date. This ...

09-04-2025
Yokogawa Launches OpreX Plant Stewardship

Yokogawa Electric Corporation announces the launch today of OpreXTM Plant Stewardship, the most comprehensive lifecycle service program in the company’s OpreX Sustainable ...

08-04-2025
IndianOil to build mega petrochemical project in Paradip

In a landmark development, Indian Oil Corporation Ltd. (IndianOil) signed a Memorandum of Understanding (MoU) with the Government of Odisha to set up a world-class Petrochemical ...

08-04-2025
BDI BioEnergy to begin construction of biofuel feedstock refinery plant

BDI-BioEnergy International has signed a contract with Ghent Renewables BV to begin the construction of a pioneering biofuel feedstock refinery plant. This facility will ...

04-04-2025
Lummus Technology completes startup of electric heater demonstration unit

Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced the successful startup of its SRT-eTM commercial demonstration ...

03-04-2025
Clariant announces the successful startup of MegaMax™ 900 catalyst

Clariant, a sustainability-focused specialty chemical company, today announced the successful startup of its MegaMax 900 methanol synthesis catalyst at European Energy’s ...

03-04-2025
Burckhardt Compression wins digital monitoring solutions order for petrochemical facility in Saudi Arabia

Burckhardt Compression, a global leader in reciprocating compressor technology, has won a significant order for Digital Monitoring Services in Saudi Arabia. The order ...

03-04-2025