The Saudi Arabian Oil Company (“Aramco” or “the Company”), one of the world’s leading integrated energy and chemicals companies, China Petroleum and Chemical Corporation (“Sinopec”) and SABIC, are exploring collaboration across refining and petrochemical projects in China and Saudi Arabia.
Aramco and Sinopec, one of the world’s largest energy and petrochemical corporations, have signed heads of agreement for a greenfield project in Gulei, Fujian Province, which plans to include a 320,000 barrels-per-day refinery and 1.5 million tons-per-year petrochemical cracker complex. It is expected to commence operations by the end of 2025.
Additionally, Aramco, SABIC and Sinopec signed a Memorandum of Understanding (MoU) on December 15, to study the economic and technical feasibility of developing a new petrochemical complex to be integrated with an existing refinery in Yanbu, Saudi Arabia.
Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said:
“These projects represent an opportunity to contribute to a modern, efficient and integrated downstream sector in both China and Saudi Arabia. They also underpin our long-term commitment to remain a reliable supplier of energy and chemicals to Asia’s largest economy.”
The announcements support Aramco’s role as a reliable energy supplier to China as the company seeks to expand its liquids to chemicals capacity to up to 4 million barrels per day by 2030.
The collaboration also aligns with Sinopec’s vision to become a world-leading energy and petrochemical corporation, providing quality products and reliable energy to benefit the lives of people worldwide.
The President and CEO of Aramco.
Amin H Nasser was appointment President and CEO of Aramco in 2015. Nasser oversees Aramco’s operations in exploration and production of oil and gas, refining, distribution and marketing as well as petrochemical manufacturing.
Nasser joined Saudi Arabian Oil Company (Aramco) more than 35 years ago after graduating from King Fahd University of Petroleum & Minerals with a degree in chemical engineering. Over the course of his career at Aramco he has held several senior positions including vice president for upstream, executive director for technical services and director for process technology development.
He was named acting CEO for the company back in Spring 2015 before being permanently appointed to lead Aramco later that year.
Saudi Aramco is the world’s largest oil company and the engine of Saudi Arabia’s economy. It has been owned by the government since its inception in 1933, when it was first established as a joint venture between Standard Oil Company of California (Socal) and Texaco.
The company is renowned for its vast reserves and production capabilities, which have made it one of the most powerful players in the global energy market.
Aramco is engaged in all aspects of oil exploration, production, refining and marketing, as well as research into renewable energy alternatives to meet future needs. Its subsidiaries also develop chemical products from crude oil fractions and natural gas liquids for use as raw materials or feedstocks in industrial activities such as plastics manufacturing.
With operations spanning across borders, Aramco has become a major player at both regional and international levels.
Sinopec is one of the largest oil and gas companies in China, and is a major player in the global energy market. Founded in 1998, it has expanded rapidly to become one of the world’s top ten oil companies.
The company has a wide range of operations, ranging from exploration and production to refining, chemicals and marketing. It also owns retail outlets for its products across China and internationally.
The company’s headquarters are located in Beijing but it operates throughout Asia-Pacific as well as internationally with subsidiaries located across Europe, Africa and North America. Sinopec has achieved success through its commitment to innovation which drives their growth into new markets.
They have an extensive research and development program focused on discovering new technologies that will improve overall performance within the industry.
SABIC is one of the world’s largest producers and suppliers of petrochemicals, fertilizers, and metals. The company was founded in 1976 in Saudi Arabia, with its headquarters located in Riyadh. The company is committed to cultivating innovative solutions for a sustainable future by creating products that support the global demand for energy efficiency and environmental conservation.
SABIC works with customers around the world to develop customized solutions that meet their specific needs. They focus on providing valuable knowledge, expertise and high-quality products to increase customer satisfaction levels.
Their products are used across a wide range of industries including automotive, electrical & electronics, healthcare, packaging, construction and many more. SABIC also invests heavily in research and development as they strive to remain at the forefront of innovation within their sector.