Riyadh – Mubasher: Saudi Aramco on Thursday announced that it has signed a memorandum of understanding (Mo) with China’s Zhejiang Free Trade Zone.
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, according to Aramco’s statement.
Under the deal, Aramco will be able to acquire a 9% stake in the Zhejiang integrated refinery and petrochemical complex.
In addition, the deal includes long-term crude oil supply and the ability to utilise Zhejiang Petrochemical’s large crude oil storage facility to serve its customers in Asia.
Such 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,” the statement highlighted.
