(Yicai Global) Aug. 4 -- Long standing partners Chinese oil and gas giant China Petroleum and Chemical Corp., also known as Sinopec, and Saudi Arabian oil major Saudi Aramco are taking their relationship one step further and have drawn up an agreement to lay the foundation for the further consolidation and expansion of their cooperation in the Middle Eastern country.

The two parts will hook up on petroleum and petrochemical project investment, petroleum, refining and chemical engineering services, equipment manufacturing as well as carbon capture and hydrogen energy in Saudia Arabia, Sinopec, which is a unit of the world’s largest oil refiner China Petrochemical Corporation, said yesterday, citing the recently signed agreement.

The concluding of the memorandum of cooperation has opened a new journey for both parties in Saudi Arabia, said Yu Baocai, president of Beijing-based Sinopec. The two parties will inject new vitality into the Belt and Road initiative and the development vision 2030.

Saudi Aramco, which produces around one-eighth of the world’s crude oil, is a very important partner of Sinopec, and the two sides have had much fruitful cooperation both in China and Saudi Arabia over the years, Yu said.

Saudi Aramco is very pleased to take its relationship with Sinopec one step further, said Mohammad Qahtani, senior vice president of the Dhahran-based company. The tie-up will make the most of their respective strengths and influence. It will bring the two firms’ successful experience in China to key sectors in Saudi Arabia and will ultimately benefit both parties.

Editor: Kim Taylor