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  • Saudi Aramco expands downstream investment in China Zhejiang Free Trade Zone
    édité le 05/09/2019 - Plus de news de "SAUDI ARAMCO" - Voir la fiche entreprise de "SAUDI ARAMCO"


Saudi Aramco expands downstream investment in China Zhejiang Free Trade Zone
Saudi Aramco signed a Memorandum of Understanding (“MoU”) 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.

About Saudi Aramco

Saudi Aramco is a leading global integrated energy and chemicals company. We are 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, more sustainable and more useful. This helps promote stability and long-term growth around the world.
“We are counting on the long-standing relationship between Saudi Aramco and SABIC on one side, and KBR on the other, to develop this preliminary engineering package for the world-class complex.” says Fahad E. Al-Helal, vice president of Project Management.


Origine : Communiqué SAUDI ARAMCO

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