China and Saudi oil giants sign energy pact
Thursday, March 5, 2009 E-Mail this story Free Headline Alerts
ABU DHABI Ñ China and Saudi Arabia have signed an accord meant to promote energy cooperation between their national oil firms.
Officials said the accord, signed during the recent visit by Chinese President Hu Jintao, would launch cooperation between Saudi Aramco and China Petroleum and Chemical Corp. The accord was signed in February 2009.
The agreement could pave the way for joint ventures in crude oil transportation and refinery services between Aramco and China Petroleum, also known as Sinopec, the largest oil processor in Asia.
Sinopec has been offered to provide engineering services to two refineries in Saudi Arabia. Officials said that under the offer, the Chinese company would not receive a share in any of the Saudi facilities.