The Saudi Arabian Oil Company (Aramco), one of the world’s leading integrated energy and chemicals companies, and Shandong Energy Group, are exploring collaboration on integrated refining and petrochemical opportunities in China.
The companies have signed a memorandum of understanding (MoU) which will include a potential crude oil supply agreement and chemical products offtake agreement, supporting Aramco’s role in building a downstream sector in Shandong province.
The MoU also covers cooperation across technologies related to hydrogen, renewables and carbon capture and storage.
The agreement supports Aramco’s aim of expanding its liquids to chemicals capacity to up to 4 million barrels per day by 2030.
