2022-08-08 12:10:00
SAUDI, CHINA COOPERATION
AN- August 03, 2022 - Saudi oil giant Aramco has signed an initial agreement with China Petroleum & Chemical Corp., known as Sinopec, to collaborate on projects in the Kingdom, according to a statement.
The areas of potential cooperation include upstream and downstream businesses, engineering and construction, oilfield services, carbon capture and hydrogen.
The companies will also discuss the opportunities for the establishment of a local manufacturing hub in King Salman Energy Park.
Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said: “We are delighted to be able to extend our relationship with Sinopec and leverage our mutual strength and reach while creating a path to bring our long-standing cooperation in China to our facilities in Saudi Arabia.
“This latest collaboration will help to further advance our strategic relationship with Sinopec into key areas of mutual benefit within the Kingdom."
Yu Baocai, President of Sinopec, said: “The two companies will join hands in renewing the vitality and scoring new progress of the Belt and Road Initiative and Vision 2030.”
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Earlier:
2022, August, 4, 10:20:00
CHINA ENERGY PLAN
Indeed, by 2025, companies in the steel, building materials, petrochemicals, non-ferrous metals, consumer goods, equipment manufacturing and electronics sectors with an annual revenue of CNY20m (US$2.9m) or more will have to cut their energy use by 13.5% from 2020 levels.
2022, August, 3, 12:15:00
SAUDI'S INVESTMENT MARKETING $3.2 TLN
Saudi Arabia would be looking to secure investments in untapped business sectors, including green hydrogen, renewable energy, and information technology.
2022, July, 15, 11:50:00
CHINA'S OIL THROUGHPUT UPDOWN
As a result, China's crude throughput in June rose a further 1.9% month on month to 54.94 million mt in May, when the volume had rebounded 4.1% from a 35-month low of 51.81 million mt in April,
2022, June, 21, 14:20:00
SAUDI ARABIA, EGYPT INVESTMENT $7.7 BLN
The agreements cover a range of sectors, including renewable energy, green hydrogen, pharmaceuticals and e-commerce
2022, May, 16, 12:00:00
CHINA'S OIL DOWN TO 12.7 MBD
The crude throughput was the lowest since March 2020 when it was at 11.81 million b/d, following lockdowns after the initial COVID-19 wave.
2022, May, 16, 11:40:00
SAUDI ARAMCO NET INCOME $39.5 BLN
Aramco announces first quarter 2022 results
Net income: $39.5 billion (Q1 2021: $21.7 billion)
2022, May, 11, 11:15:00
CHINA NEED RUSSIAN OIL
Thus, after the slump in March inflows, Russian crude imports by China's independent refiners recovered 35.7% year on year to 2 million mt in April
