Saudi Aramco and Sinopec sign co-operation deal

Khalid_Al-FalihSaud Aramco and China Petroleum and Chemical Corp (Sinopec) have signed a preliminary agreement to cooperate in a wide range of areas, including oil exploration and development, refining and petrochemicals.

Saudi Aramco Chief Executive Khalid al-Falih and Sinopec Chairman Fu Chengyu were present to sign the memorandum of understanding (MoU) in Beijing, Sinopec said in a statement.

The agreement also covers cooperation in oil product sales, crude oil trading and engineering, according to a statement on Sinopec’s website.

Earlier this year, Saudi Aramco and Sinopec signed a deal to develop a 400,000 bpd refinery at Yanbu on the Saudi Red Sea coast.

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