Saudi Aramco, the Kingdom's national oil company, signed a letter of intent in Dhahran yesterday with Sinopec, the petrochemical corporation of the People's Republic of China, for the export of Saudi crude oil to China and to study the feasibility of a refining and marketing joint venture with that country. Following the signing ceremony, Aramco President and CEO Abdullah Juma'a expressed his satisfaction with the level of mutual understanding reflected in the memorandum, and welcomed new opportunities for constructive cooperation with Sinopec. The Sinopec delegation had previously met in Riyadh with Minister of Petroleum and Mineral Resources Ali Al-Naimi, Minister of Commerce Osama Faqih, Minister of Finance and National Economy Dr. Ibrahim Al-Assaf, and Managing Director of SABIC Ibrahim Ibn Salamah. The delegation also visited the Saudi Aramco facilities in Dhahran and Ras Tanura, and met with SABIC officials in Jubail Industrial City.
Saudi Aramco, the world's largest oil-producing and oil-exporting company, has worked vigorously over the past decade to become a fully integrated international company in fulfillment of the directives of Custodian of the Two Holy Mosques King Fahd Ibn Abdul Aziz, and has acquired shares in refining and marketing joint ventures in the United States, South Korea, the Philippines, and Greece.