Gulf Oil and Gas accountACCOUNT

Aramco & PetroChina Signed MOU for Refinery in Yunnan

Source: www.gulfoilandgas.com 3/20/2011, Location: Asia

Aramco Overseas Company B.V., a subsidiary of Saudi Aramco, and PetroChina Company Limited, a subsidiary of CNPC, signed on March 17, 2011, a Memorandum of Understanding related to the planned development of a 10 million metric tons per annum (200,000 barrels per day) grassroots full conversion refinery in Yunnan Province in the People’s Republic of China.

The proposed refinery will be designed to process 200,000 bpd of Arabian crude oil and will produce high-quality refined products, such as ultra low-sulfur gasoline and diesel that meet current and future China products specifications.

The project represents an opportunity for Saudi Aramco to partner with CNPC, a leading Chinese petroleum company, to support growing demand for high quality refined products and capture an investment opportunity in China’s promising refining industry. Additionally, it enhances a strategic partnership of close cooperation between a major producer and a major consumer of hydrocarbons while also presenting an opportunity for additional energy security and increased industrialization in the inner part of China.

“This agreement is a significant step forward in our expanding relationship with CNPC and in our global downstream strategy,” said Khalid A. Al-Falih, Saudi Aramco's President and Chief Executive Officer. “We don’t consider ourselves simply sellers of oil to China, but rather strategic partners whose many relationships in that important country are founded on mutual respect, interdependence and mutual benefit. We are proud to contribute to China's steady economic growth and continued social development through our strategic long term investment and reliable supply of energy.”

"As the national oil company of the world's largest developing country, CNPC joins hands with Saudi Aramco to establish a long term, stable and reliable partnership between the two companies," Jiang Jiemin, President of CNPC said.

Saudi Aramco will supply the project company with up to 200,000 barrels per day of Arabian crude oil via a long-term contract while PetroChina will contribute its refined products retail network assets in the targeted market to the project company.

Oil Treating & Refining News in China >>

Egypt >>  11/10/2019 - Qatar Petroleum is pleased to announce the successful start-up of the Egyptian Refining Company (ERC) Refinery project located in Mostorod, north of t...
Qatar >>  10/27/2019 - Qatargas Operating Company Limited “Qatargas" has successfully managed to operate Laffan Refinery 1 (LR1) with zero Lost Time Injury (LTI) case for 10...

Egypt >>  10/20/2019 - Egypt’s Qalaa Holdings, one of the country’s largest investment companies, announced that it would operate 100 percent of its refinery units in Januar...
Russia >>  10/15/2019 - The 12th international Argus Russia and CIS Oil Products conference has taken place in Moscow, supported by Gazprom Neft and attended by more than 150...

Related Categories: Agents, Anti-foaming  Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Grout  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Summer Diesel  Surfactants 

Related Articles: Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Surfactants 


China Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |

Oil & Gas Projects in China >>

More News

Related Links

AZ BD BN CN GE HK ID IN IR JP KH KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.