The Saudi Arabian Oil Company (Aramco) 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 includes a potential crude oil supply agreement and chemicals products offtake agreement, supporting Aramco’s role in building a thriving downstream sector in Shandong Province.
The scope of the MoU extends to cooperation across technologies related to hydrogen, renewables and carbon capture and storage.
The announcement strengthens Aramco’s efforts to support demand for energy, petrochemicals and non-metallics in China as the company seeks to expand its liquids to chemicals capacity to up to 4 million barrels per day by 2030.