11-09-2024
Aramco fosters closer collaboration with key Chinese partners
Aramco, one of the world’s leading integrated energy and chemicals companies, has announced agreements with key Chinese partners during a visit to the Kingdom of Saudi Arabia by a senior delegation led by Chinese Premier Li Qiang.
The agreements reinforce Aramco’s ongoing contribution to China’s long-term energy security and development, support China’s participation in Saudi Arabia’s economic growth, and foster collaboration in new technology development.
They include preliminary documentation relating to a Development Framework Agreement with Rongsheng Petrochemical Co. Ltd. (Rongsheng) and a Strategic Cooperation Agreement with Hengli Group Co., Ltd.
Mohammed Y. Al Qahtani, Aramco Downstream President, said: “The signing of these agreements reaffirms our belief in the long-term, mutual benefits that can arise from Aramco’s close collaboration with our Chinese partners. China is an important country in our global downstream growth strategy, and we look forward to building on a relationship that spans more than three decades to unlock new opportunities in this crucial market. These agreements reflect our collective intention to elevate our relationships in vital sectors to advance our downstream objectives, contribute to both China’s and Saudi Arabia’s vibrant energy and petrochemicals sectors, and help develop future technology solutions.”
Development Framework Agreement with Rongsheng
The preliminary documentation relating to a Development Framework Agreement with Rongsheng is connected to the potential joint development of an expansion of Saudi Aramco Jubail Refinery Company (SASREF) facilities. It follows an announcement in April that Aramco and Rongsheng had signed a Cooperation Framework Agreement relating to the planned formation of a joint venture in SASREF, as well as significant investments in the Saudi and Chinese petrochemical sectors. This includes Rongsheng’s potential acquisition of a 50% stake in SASREF, the development of a liquids-to-chemicals expansion project at SASREF, Aramco’s potential acquisition of a 50% stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. Ltd. (ZJPC), and participation in ZJPC’s expansion project.
Strategic Cooperation Agreement with Hengli Group
The agreement with Hengli Group Co., Ltd. advances talks relating to Aramco’s potential acquisition of a 10% stake in Hengli Petrochemical Co., Ltd., subject to due diligence and required regulatory clearances. It follows the signing of a Memorandum of Understanding (MoU) in April 2024 regarding the proposed transaction.
News Category:
-
Zeopore is initiating discussions with candidate partners to jointly commercialise its unique zeolite mesoporisation route, combining improved hydrocracking (HDC) performance ...
17-09-2024
-
MT Group signs contract with Ørsted to build large-scale CO2 Capture and Storage facility
MT Group, an EPC contractor engaged in strategic energy and industrial infrastructure projects across Europe, has signed a contract with Danish energy leader Ørsted ...
16-09-2024
-
Gevo receive patent for breakthrough Ethanol-to-Olefin process
Gevo Inc, is proud to announce the U.S. Patent and Trademark Office has granted to Gevo, a patent for its ethanol to olefins process. This patent further cements Gevo’s ...
16-09-2024
-
ExxonMobil Basestocks expands presence with new supply terminal in the UK
ExxonMobil Basestocks is expanding its service to better meet customer demand for Group I, Group II and Group II+ products by opening a new supply terminal in Dagenham, ...
16-09-2024
-
Mitsubishi and ExxonMobil agreement to advance world’s largest low-carbon hydrogen project
Mitsubishi Corporation and Exxon Mobil Corporation have signed a Project Framework Agreement for Mitsubishi Corporation’s participation in ExxonMobil’s facility in ...
13-09-2024
-
NEXTCHEM to upgrade and expand the capacity of the Heydar Aliyev Oil Refinery
MAIRE announces that NEXTCHEM, through its subsidiary NextChem Tech, has been awarded by SOCAR two contracts to upgrade and expand the capacity of the Heydar Aliyev Oil ...
13-09-2024
-
Samsung Heavy Industries award KBR conceptual study contract for floating blue ammonia production
KBR announced today it has been awarded a conceptual study contract for floating blue ammonia production from Samsung Heavy Industries, one of the world's largest shipbuilders ...
12-09-2024
-
Petroineos to cease refinery operations at Grangemouth
Petroineos has today announced its intention to cease refinery operations at Grangemouth and transition to a finished fuels import terminal and distribution hub during ...
12-09-2024
-
Aramco fosters closer collaboration with key Chinese partners
Aramco, one of the world’s leading integrated energy and chemicals companies, has announced agreements with key Chinese partners during a visit to the Kingdom of Saudi ...
11-09-2024
-
Brookfield to invest in Infinium to scale ultra-low carbon eFuels
Infinium, the world’s first producer of commercially available ultra-low carbon eFuels, and Brookfield Asset Management today announced a strategic funding partnership ...
10-09-2024