Saudi Aramco signs MoUs with China’s Norinco, Aerosun

Saudi Aramco has signed two memoranda of understanding (MOU) with China North Industries Corporation (Norinco Group) and Aerosun Corporation on the sidelines of China Development Forum 2017, the company said in a statement.

Aramco’s agreement with Norinco aims to explore further strategic cooperation and investment opportunities in China, including the development of refinery and chemical facilities.

The MoU with Aerosun involves manufacturing of reinforced thermoplastic (RTP) pipe as well as research and development.

“Saudi Aramco’s Crude-to-Chemicals initiative which aims to directly convert crude into petrochemicals, eliminating the entire refining step of the process, could change the competitive dynamics of petrochemical feedstocks and assist in developing advanced new materials as well as enable new uses.” Amin Nasser president and chief executive officer of Saudi Aramco said during the forum.

Saudi Arabia's King Salman recent visit to China oversaw the signing of deals worth as much as $65 billion as the world's largest oil exporter looks to cement ties with the world's second-largest economy.

Earlier, Saudi Basic Industries Corp (SABIC) and Sinopec, also agreed to develop petrochemical projects in both countries.