• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 7 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 2 hours Socialists want to exorcise the O&G demon by 2030
  • 17 mins UK, Stay in EU, Says Tusk
  • 24 hours Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 37 mins Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 1 day Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 2 days Conspiracy - Theory versus Reality
  • 56 mins How Is Greenland Dealing With Climate Change?
  • 2 days Chevron to Boost Spend on Quick-Return Projects
  • 23 hours Maritime Act of 2020 and pending carbon tax effects
  • 2 days U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 2 days Regular Gas dropped to $2.21 per gallon today
How Supermajors Are Transforming The Permian

How Supermajors Are Transforming The Permian

The Permian Basin once played…

Can Mozambique Avoid The ‘Resource Curse’?

Can Mozambique Avoid The ‘Resource Curse’?

Mozambique, like many other resource…

Saudis Invited China’s Sinopec To Invest In Aramco IPO

Aramco

Saudi Aramco has invited China’s Sinopec to take part in the upcoming initial public offering (IPO) of the Saudi oil company planned for next year, the Chinese firm’s chairman Wang Yupu said on Monday.

China Petroleum & Chemical Corp, as Sinopec is officially named, has talked with the Saudis about the Aramco listing, which is expected to be the biggest IPO in history. While on a recent visit to China, Aramco’s chief executive Amin Nasser told Chinese officials that he hoped that Sinopec could invest in the Saudi company’s IPO, according to Sinopec chairman Wang.

We talked with them on the plan, and generally speaking we had a very good conversation,” Wang said at a briefing in Hong Kong, as quoted by Bloomberg. “Going forward, based on our own reality and needs, we will get into more detailed conversations with them,” the Chinese manager noted.

Earlier this month Saudi King Salman started a month-long tour of Asia, during which the King has been signing with Asian counterparts billions of dollars worth of deals – including for oil and refining.

In China, King Salman has signed preliminary deals that could be worth as much as $65 billion if finalized – a total of 14 cooperation agreements, including a memorandum of understanding on 35 projects for “production capacity and investment cooperation”. Among the industries that the agreements cover are oil production, petrochemicals, and even space.

Related: The Upcoming Surge In U.S. Oil Demand Explained In One Chart

As Saudi Arabia is getting ready to list its oil giant next year, it is trying to secure future exports and lock in future demand with key buyers such as China, preferably under long-term contracts, which is the standard approach of the Kingdom toward crude oil exports.

China, on the other hand, is expected to further deepen its reliance on oil imports. Last year China met 64.4 percent of its crude oil demand with imports, due to high production costs at home and favorable international prices resulting from the global glut.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News