Saudi Aramco Expects More Cooperation With China in Energy
Posted on: Wednesday, 13 July 2005, 09:01 CDT
Saudi Aramco expects more cooperation with China in energy BEIJING, July 12 (Xinhua) -- A senior official of Saudi Arabian Oil Company (Saudi Aramco) said here Monday that the global petroleum giant would like to further enhance its cooperation with China in the field of energy based on mutual benefits and respect.
Abdallah S. Jumah, president and chief executive officer of Saudi Aramco, the top world petroleum giant of Saudi Arabia, made the remarks at a banquet held for personnel of the oil circle.
Given the tremendous economic growth of China, the sharp rise in petroleum demand of the country is drawing more and more attention from overseas petroleum producers and investors.
During his visit to China, Jumah attended the foundation stone laying ceremony held last Friday for the integrated oil refine and petrochemical project in east China's Fujian Province, of which Saudi Aramco holds a share of 25 percent. As the biggest Sino- foreign refinery and petrochemical integrated project in China, the project is jointly invested by Fujian Petrochemical Company of China, Petrochemical Corporation (Sinopec), Saudi Aramco and ExxonMobil China.
After its completion, the project is expected to raise petroleum refinery capability in Fujian from the current 4 million tons a year to 12 million tons. The project also includes the establishment of new petrochemical installations, auxiliary public services and a 300,000-ton level dock for crude oil. According to Jumah, they are also working with Sinopec, China's largest oil refiner, to explore the feasibility of developing a new refinery in Qingdao, a coastal city of East China's Shandong Province. And both sides are cooperating to explore and then produce non-associated gas in Saudi Arabia.
As the nation with the most extensive reserves of crude oil and the largest petroleum production and export capacity, Saudi Arabia endeavors to develop its cooperation with China in the field of energy and both should make more efforts to explore their joint energy future marked by China's rapidly rising demand for energy and Saudi Aramco's steadily growing oil production capacity, said Jumah. As the national oil company of Saudi Arabia, the company currently manages some 260 billion barrels of crude oil, accounting for roughly a quarter of the world's proven oil reserve.
Source: Xinhua News Agency - CEIS
Related Articles
- China North East Petroleum Announces Preliminary 2009 Third Quarter Oil Production Results
- China North East Petroleum Q1 Preliminary Crude Oil Production Up
- China North East Petroleum Holdings, Limited Announces Award of Major Drilling Contract to Rising Sun Oil Exploration and Production Limited
- China's Largest Sino-Foreign Investment Project Goes into Operation
- China Seeks Oil Alternative -- But for Now, Growing Economy Needs Energy From Wherever It Can Be Found
- Saudi Oil Minister Discusses Increasing Production, Call for Demand "Road Map"
- Eternal Energy Corp. Acquires Participation Rights to a Petroleum Exploration Project in the North Sea
- Experts Say It Unfair to Blame China on Oil Price Soaring
- Saudi Oil Shocker; Energy Insider Says Americans and the Global Economy Will Be in for a Jolt When Oil Production Peaks in Saudi Arabia
- Hong Kong Paper Reviews Importance of China-Kazakhstan Oil Pipeline Project
 |
 |
User Comments (0)
RSS Feeds