• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 7 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 12 mins U.S. Withdraws From U.N. Human Rights Council
  • 7 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 3 hours "The Gasoline Car Is a Car With a Future"
  • 1 hour Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour Saudi Arabia turns to solar
  • 42 mins What If Canada Had Wind and Not Oilsands?
  • 11 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 11 hours Could oil demand collapse rapidly? Yup, sure could.
  • 4 hours EVs Could Help Coal Demand
  • 1 hour Gazprom Exports to EU Hit Record
  • 50 mins Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 11 hours WE Solutions plans to print cars
  • 17 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 1 day Oil and Trade War
  • 19 hours Lloyd's of London excludes coal
Why OPEC Won't Flood The Oil Market

Why OPEC Won't Flood The Oil Market

Saudi Arabia and Russia are…

Oil Markets On Edge For OPEC Meeting

Oil Markets On Edge For OPEC Meeting

Oil markets saw moderate volatility…

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:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

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