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8/3, 5:33 PM (Source: TeleTrader)
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Aramco, Sinopec sign preliminary deal on oil projects

Saudi Arabian Oil Company (Saudi Aramco) revealed on Wednesday that signed a memorandum of understanding with China Petroleum & Chemical Corporation (Sinopec) on joint oil projects in Saudi Arabia.

The preliminary agreement will be centered on "assessing refining and petrochemical integration opportunities; engineering, procurement and construction; oilfield services, upstream and downstream technologies as well as collaboration across carbon capture and hydrogen processes," Aramco said in a statement. The two sides will also discuss creating a manufacturing hub in King Salman Energy Park.

Senior executives from both companies praised the "fruitful" long-term cooperation and "deep friendship" between them.

Baha Breaking News (BBN) / MS