Aramco inks 5 deals at CIIE, solidifies position as China’s top crude supplier

Saudi Aramco signed crude oil sales agreements for 2020 with five Chinese customers, aiming to solidify the Company’s position as China’s top crude supplier.

The deals include increasing the total volume by 151,000 barrels per day compared to the company’s  2019 supply contracts.

The five agreements were signed on the sideline of the second China International Import Expo (CIIE), the largest trade fair held under the patronage of Chinese President Xi Jinping, the oil giant said in a statement on Thursday.

“The new agreements reflect Chinese customers’ continued faith in Saudi Aramco’s supply stability and operational excellence. Likewise, the new agreements demonstrate our continued commitment to the world’s fastest-growing oil market,” said Saudi Aramco Vice President of Marketing, Sales and Supply Planning, Ahmed Al-Subaey.

These agreements reflect Saudi Aramco’s efforts to strengthen its position in China and support the country’s growth in refining and petrochemicals, as well as overall energy security, the statement added.

In 2018, the company signed a number of crude oil sales agreements with Chinese customers that helped propel Chinese crude oil sales in 2019 to new levels.