Chinese energy giant Sinopec has signed a joint project agreement with a Saudi Aramco subsidiary to operate ports, transport crude oil, and deliver related services. The joint venture is valued at around $3.95 billion.
This agreement deepens the partnership between Sinopec and Aramco, especially in the petrochemical sector. Earlier in April, both companies agreed to expand operations at the Yasref refinery in Yanbu, one of their key joint ventures.
Aramco is aiming to strengthen its global presence in petrochemicals through partnerships like this. It also signed a framework agreement with Sinopec and Yasref to carry out engineering studies for a new petrochemical complex. The proposed facility will feature a modern petrochemical unit, including a steam cracker with a capacity of 1.8 million tons per year and an aromatics complex producing up to 1.5 million tons annually. These units will be integrated into the existing Yasref infrastructure.
The latest deals mark an important step in Aramco’s strategy to expand its global downstream operations. They also reinforce Sinopec’s role as a key partner in international energy projects.
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