The agreement was signed during Yuan Jiajun, the Governor of the Chinese province of Zhejiang’s visit to Saudi Aramco’s headquarters in Dhahran.
Sunday 08, September 2019 BY KUDAKWASHE MUZORIWA
Saudi Aramco has signed an MoU with China’s Zhejiang Free Trade Zone to facilitate the oil giant’s planned acquisition of a nine per cent stake in the Zhejiang integrated refinery and petrochemical complex.
In a statement, Saudi Aramco said that the MOU also included a long-term crude oil supply agreement and will allow the state-owned oil company to utilise Zhejiang Petrochemical’s large crude oil storage facility to serve its customers in Asia.
Additionally, 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 as well as retail and distribution of oil products within the Zhejiang Free Trade Zone.