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Saudi Aramco expands downstream investment in China Zhejiang free trade zone

Petrochemicals

Saudi Aramco has signed a memorandum of understanding (MoU) with China’s Zhejiang free trade zone to facilitate the acquisition of a nine per cent stake in the Zhejiang integrated refinery and petrochemical complex

The MoU was signed in conjunction with the visit of Yuan Jiajun, governor of the Chinese province of Zhejiang, to Saudi Aramco’s headquarters in Dhahran.

The agreement will also include a long-term crude oil supply agreement and the ability to use Zhejiang Petrochemical’s large crude oil storage facility to serve its customers in Asia. These activities reflect the company’s strategy to expand its presence in the Chinese energy sector.

The agreement strengthens Saudi Aramco’s participation in the 400,000 bpd refinery from Phase III of the Zhoushan Petrochemical Greenfield project and also allows the parties to evaluate potential investment opportunities in other parts of the value chain.

These may include refining and petrochemical production, storage and trade of crude oil and natural gas, retail, as well as the distribution of oil products within the Zhejiang Free Trade Zone.

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