Aramco and Sinopec signed a memorandum of understanding (MoU) to discuss a variety of potential collaborative endeavors between the two companies.

Through the MoU, Aramco and Sinopec outline pathways for strategic collaboration and support the long-term relationship between the two companies and their joint ventures.

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.”

Potential cooperation areas include oilfield services, upstream and downstream technologies, carbon capture and hydrogen processes, and assessing refinery and petrochemical integration opportunities.

During the meeting, the companies will also discuss the possibility of setting up a local manufacturing hub in the King Salman Energy Park.

The latest collaboration builds on existing joint ventures between the two companies, including the Sinopec Senmei (Fujian) Petroleum Company and Fujian Refining and Petrochemical Company (FREP) in China and Yanbu Aramco Sinopec Refining Company and the Sinopec Senmei (Fujian) Petroleum Company in Saudi Arabia.