Saudi Aramco, Sinopec sign MoU for potential downstream collaboration in China

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Saudi Arabian Oil Co. (Aramco) through its Saudi Aramco Asia Company Limited (SAAC) subsidiary signed today, March 8, a memorandum of understanding (MoU) with China Petroleum & Chemical Corporation (Sinopec) for potential downstream collaboration in China.

SAAC and Sinopec also aim to support Fujian Refining and Petrochemical Company, Ltd. (FREP) in conducting a feasibility study into the optimization and expansion of capacity.

This MoU provides a basis for continued downstream collaboration between Aramco and Sinopec, capitalizing on each company’s strengths and their long-term relationship through existing joint ventures, namely FREP and Sinopec Senmei (Fujian) Petroleum Company (SSPC) in China, and Yanbu Aramco Sinopec Refining Company in Saudi Arabia.