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Aramco and Shandong to explore refining projects in China

By Pramod Kumar
Aramco Aramco
Oil prices have surged over 14% in July, recording the biggest monthly percentage increase since January 2022

Saudi Arabian Oil Company (Aramco), the kingdom’s energy giant, 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 MoU underlines the importance of Aramco’s collaboration with Chinese companies, which 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 oil major seeks to expand its liquids to chemicals capacity to up to four million barrels per day by 2030.

The MoU was among the several investment agreements worth $30 billion signed during the visit of Chinese President Xi Jinping to the Kingdom. 

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