King Salman bin Abdulaziz Al Saud of Saudi Arabia has inaugurated The King Abdullah Petroleum Studies and Research Center (KAPSARC), reported World Oil. The Center is a non-profit economics and policy research institution dealing with energy-related affairs including the economic impacts of energy, its technologies, policies, and the environment. The Center places an emphasis on collaborative partnerships with like-minded institutions in China, India, Japan, East Africa, Europe, and the Americas. Its staff is made up of experts from all over the world.
Ali bin Ibrahim Al-Naimi, Minister of Petroleum and Mineral Resources, attended the ceremony and took the opportunity to note how KAPSARC would help the kingdom further develop different sources of energy that were nonetheless economically viable. Also attending was Chinese President Xi Jinping, said the Saudi Gazette. King Salman was seen briefing President Xi on the Center and its vision.
The Chinese President also had a hand in the launching of the Yanbu Aramco Sinopec Refining Company (YASREF) with the King. The refinery enjoys a 400,000b/d capacity, producing fuel products for export, and it has shipped its first 300,000 barrels of clean diesel in January 2015. Saudi Aramco owns a 62.5% stake in YASREF, with China Petroleum & Chemical Corporation (SINOPEC) having the remaining 37.5%. Sinopec is Saudi Aramco’s largest crude oil trading partner and onshore drilling service provider. KAPSARC’s Riyadh headquarters were also built by Saudi Aramco in 2015.