• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 days Does Toyota Know Something That We Don’t?
  • 2 hours World could get rid of Putin and Russia but nobody is bold enough
  • 5 days America should go after China but it should be done in a wise way.
  • 21 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 20 mins How Far Have We Really Gotten With Alternative Energy
  • 13 days China is using Chinese Names of Cities on their Border with Russia.
  • 22 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 13 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
Alt Text

Petronas Halts all Imports of Iranian Crude in South Africa

Engen, a South African based unit of Petronas, has announced that it has halted all crude imports from Iran, which used to account for 80 percent of

Read more +
Alt Text

Acquisition of Maari 3D Seismic Survey Commences

Cue energy has just released good news regarding permits for projects in New Zealand

Read more +
Alt Text

Environmental Approval Extended for Tassie Shoal LNG Project

MEO Australia Ltd has just received environmental approval for its Tassie Shoal LNG project.

Read more +

Saudi Aramco and Sinopec Agree an $8.5 billion Joint Venture

On Saturday Saudi Aramco and Sinopec Group signed a landmark $8.5 billion deal to develop an ultramodern, highly sophisticated, full-conversion oil refinery in Yanbu; known as YASREF (Yanbu Aramco Sinopec Refining Co. Ltd). Production is forecast to begin half way through 2014 at 400,000 barrels of heavy crude per day. Saudi Aramco will hold a 62.5 percent stake in the plant while Sinopec Group will own the remaining 37.5 percent.

Sinopec is owned by the China Petrochemical Corporation, the country’s largest refiner, and can bring technical and commercial expertise to the partnership, whilst Saudi Aramco adds value with its unparalleled strengths in resources, management and host advantage.

This is the fourth joint venture between our two enterprises,” said Al-Falih. “YASREF takes its rightful place next to our two downstream companies in China’s Fujian Province, and our in-Kingdom upstream joint venture, Sino-Saudi Gas Ltd.,” he said and proudly pointed out that Sinopec was Saudi Aramco’s largest crude oil customer.

Saudi Arabia continues to remain a fantastic destination for foreign investment. “YASREF stands as a testament to the sound climate for foreign direct investment in Saudi Arabia, and it is yet another indicator of the attractive business opportunities this nation has to offer strategic investors,” he said. As Al-Falih pointed out, the latest joint endeavour is simply the most recent chapter in a long story of cooperation, collaboration and trade between the Arabian Peninsula and China.

Fu expressed delight at the agreement. “This is a milestone on the journey of cooperation between our two companies,” he said. “We trace our relationship back to the early 1990s when we started downstream venture discussions in China; since then Sinopec and Saudi Aramco have developed cross-border cooperation along the hydrocarbon value chain, covering upstream and downstream investment, crude oil trading and engineering services.

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