Sinopec, Saudi Aramco JV in Yanbu export refinery project

Sinopec, Saudi Aramco JV in Yanbu export refinery project

12:30 PM, 17th June 2011
Sinopec, Saudi Aramco JV in Yanbu export refinery project

Saudi Aramco and China Petrochemical Corporation (Sinopec) have signed an MOU for Red Sea Refining partnership in Yanbu. The strategic partnership will enhance trade of transportation fuels between a significant energy producer and a significant consumer.

DHAHRAN, SAUDI ARABIA/BEIJING, CHINA: Saudi Aramco and China Petrochemical Corporation (Sinopec) signed a Memorandum of Understanding (MOU) related to the ongoing development of the Red Sea Refining Company (RSRC), a full-conversion refinery in Yanbu, on the west coast of Saudi Arabia. Both companies with their commercial and technical knowledge and expertise will form a joint venture with equity interests of Saudi Aramco at 62.5 per cent and Sinopec at 37.5 per cent. The strategic partnership will enhance trade of transportation fuels between a significant energy producer and a significant consumer.

Refinery projects such as the RSRC joint venture in Yanbu have the location advantage to effectively and efficiently supply both international and domestic markets. Development of this particular relationship with Sinopec in RSRC is a continuation of Saudi Aramco’s long-term strategy of making world-scale downstream investments following a massive upstream programme that increased the company’s crude oil production capacity to 12 million barrels per day. The joint venture will also continue a partnership tradition between Saudi Aramco and Sinopec across the hydrocarbon value chain in Saudi Arabia and in China.

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