Saudi Aramco and Sinopec inked MOU on partnership

Sinopec announced the signature of a MOU on partnership with Saudi Aramco. Both parties agreed to co-invest in a world-class refinery in Yanbu, a city in the west coast of the Kingdom. The JV refinery is planned to be put into commercial operation in 2014 and the equity share of Sinopec and Saudi Aramco will be 37.5% vs. 62.5%. Sinopec is a major buyer of crude oil and refined oil products, while Saudi Aramco is a key energy supplier. The strategic partnership under the MOU will be conducive to trade as well as the co-operation in the extended petroleum and petrochemical value chain between the two companies.