Saud 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.
