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Aramco invests in Shandong oil production and supply assets

Saudi Aramco is planning to acquire of 10% stake of China’s Shandong Yulong Petrochemical for oil products purchase and supply cooperation.

Katherine Si, China Correspondent

October 13, 2023

1 Min Read
Amarco Shandong Yulong[15]
Photo: Yulong Petrochemicals

Aramco, Nanshan Group, Shandong Energy Group, and Shandong Yulong Petrochemical have signed a Memorandum of Understanding to facilitate discussions relating to the possible acquisition by Aramco of a 10% strategic equity interest in Shandong Yulong Petrochemical.

Shandong Yulong is currently in the process of completing the construction of a refining and petrochemicals complex that is designed to process around 400,000 barrels per day of crude oil and produce a large volume of petrochemicals and derivatives. The facilities are located at Longkou, Yantai in Shandong.

Aramco would potentially supply Shandong Yulong with crude oil and other feedstock as outlined in the MoU.

Mohammed Y. Al Qahtani, Aramco Downstream President, said: “As one of China’s largest refining and chemical centers, Aramco values Shandong for its current strength and future prospects. We believe this collaboration has potential to enable all parties to contribute to China’s energy security and development, and aid in navigating the energy transition.”

Read more about:

Saudi Aramco

About the Author

Katherine Si

China Correspondent

China-based Katherine Si has worked in the maritime industry since 2008 is well-connected with local industry players including Chinese owners and yards.

Having majored in English Katherine started at news portal ShippingChina.com where she rose to become a News Editor. In 2008 she moved to work with Seatrade and has since held numerous positions including China correspondent for Seatrade Maritime Review magazine.

With extensive experience in writing, research and social media promotion, Katherine focuses on the shipping and transport sectors.

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