- MoU reinforces long standing relationship with Sinopec, enhancing presence in Asia
   - Companies to optimize operations at Fujian Refining and Petrochemicals Project

Saudi Arabian Oil Company (Aramco) through its Saudi Aramco Asia Company Limited (“SAAC”) subsidiary signed 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.

Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said: “This MoU represents an exciting new chapter in our long-standing relationship with Sinopec. Such collaborations promote our downstream integration and expansion strategy in Asia and support our broader objectives of becoming a global leader in liquids-to-chemicals and a resilient and reliable supplier of one of the lowest upstream carbon intensity oils to meet China’s growing demand.”

Yu Baocai, President of Sinopec Corporation, said: “Sinopec and Aramco enjoy a long history bookmarked by numerous examples of successful cooperation which continues to strengthen our strategic relationship. Both companies cooperate in mutually beneficial crude trading, refining and chemical joint ventures, engineering services as well as science and technology research and development. Together such collaboration represents a model of energy cooperation between China and Saudi Arabia. The signing of this MOU will support our refinery feedstock optimization and downstream petrochemical development, while offering new opportunities to deepen and expand activity amid an accelerating global energy transition.”

About Aramco

Aramco is a global integrated energy and chemicals company driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, sustainable and useful, promoting stability and long-term growth around the world.

About Sinopec

The Company is the largest oil and petrochemical products supplier and the second largest oil and gas producer in China, the largest refining company and the second largest chemical company in the world. Its total number of gas stations ranks the second place in the world.

Meizhou Bay, Xian de Hui'an, Quanzhou, Chine