Aramco and Shandong Energy signed a Memorandum of Understanding (MoU) regarding petrochemical and refining opportunities in China. The memorandum consisted of a potential crude oil supply and chemicals product offtake agreement. Their collaboration also extends to future cooperation in the sectors of hydrogen, renewable energy, and carbon capture technologies. The MoU comes in the context of the summit of Gulf Arab leaders in Riyadh where Chinese President Xi Jinping said that China would buy oil and gas in yuan, which is seen as an attempt to weaken the hold of the US dollar on world trade. This agreement is also in the context of various other energy-related deals signed between the two countries.
- Aramco, Shandong Energy to collaborate on projects in China; cooperation across H2, renewables and carbon capture technologies