According to a press statement, the aim is to “enhance the competitiveness of the crude oil supplied by Saudi Aramco to Sinopec and to actively explore cooperation opportunities in key areas including oil and gas services, refining, chemicals, crude oil supply, sales, petroleum services, petrochemical services, technology development and promotion, and new energy.”
China is Saudi Arabia’s largest trading partner. Sinopec is Aramco’s largest crude-oil trading partner and onshore drilling service provider.
The companies signed the agreement during inaugural ceremonies for the 400,000-b/d Yanbu Aramco Sinopec Refining Co. Ltd. refinery, which started commercial operations last year at Yanbu, Saudi Arabia (OGJ Online, Apr. 17, 2015).