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Saudi Aramco's signs MoU with Zhejiang Free Trade Zone

Gasoil News - Published on Wed, 11 Sep 2019

Image Source: reuters.com
Saudi Arabian oil and gas giant Saudi Aramco, the world's largest oil producer, has signed a MoU with China’s Zhejiang Free Trade Zone as part of which the Zhoushan Government committing its support to incentivise Saudi Aramco’s greater investment in Zhejiang’s future downstream growth with the MoU expected to support Saudi Aramco's strategy to expand in the Chinese energy sector. Together with prior agreements signed during HRH Crown Prince Mohammed Bin Salman’s visit to China in February 2019, the MoU facilitates Saudi Aramco’s planned acquisition of a 9% stake in the Zhejiang integrated refinery and petrochemical complex. The MoU was signed as part of a visit to Saudi Aramco’s headquarters in Dhahran by Yuan Jiajun, Governor of the Chinese province of Zhejiang.

Saudi Aramco said the MoU would also include a long-term crude oil supply agreement and rights to use Zhejiang Petrochemical’s "large crude oil storage facility" to serve its customers in Asia.

Source :

Posted By : Rabi Wangkhem on Wed, 11 Sep 2019
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