FILE PHOTO: Oil tanks are seen at a Sinopec plant in Hefei, Anhui province, China May 31, 2009.   REUTERS/Jianan Yu/File Photo
Oil tanks at a Sinopec plant in China’s Anhui province. China is the biggest consumer of oil, with the second biggest refining capacity worldwide. REUTERS

Saudi Aramco signs preliminary agreement for stake in Chinese refinery



Saudi Aramco has signed a memorandum of understanding to acquire a stake in a refinery in the eastern Chinese province of Zhejiang.

"We are exploring opportunities for new refining and petrochemicals facilities, making further investments in China," said Abdulaziz Al Judaimi, senior vice president, downstream at Saudi Aramco.

Saudi Aramco did not disclose the value of its stake in the Zhejiang Petrochemical’s new refinery project, however the holding is understood to be less than 15 per cent.

Saudi Aramco, the world's largest oil exporter has increasingly looked at refining and petrochemical investments in China, the world's biggest consumer of oil. The Saudi state company signed a long-term deal with Rongsheng, a petrochemical firm based in Zhejiang last month.

"This increase in customer base is due to our continuous focus and attention to the Chinese market,” said Mr Al Judaimi.

"We are also a major joint venture partner in a growing portfolio of refining and petrochemical assets in China,” he added.

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Read more:

Chinese city in talks with Exxon for $7bn petchems plant

Sabic signs agreement for large petchems complex in China

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Last month, Sabic, the Middle East's largest chemicals company signed a preliminary agreement to develop a large-scale petrochemicals complex in the Chinese province of Fujian.

The company, which did not disclose the value of the deal at the time said it was part of its strategy to "seek more investment opportunities and strengthen its position in the Chinese market."

Sabic, which is currently in the process of being acquired by state-owned Saudi Aramco has looked to increase its market share in China, investing around $1.8 billion in the country, primarily in compounding facilities and joint ventures with local firms.

The moves by Saudi Aramco and Sabic come amid an increasing shift in the world’s top oil exporting country towards selling more higher-margin products in Asia. China, the world’s top importer of oil is said to account for nearly half of all growth in the petrochemicals industry, which generated $2.27 trillion in revenues in 2017 alone, according to the China Petroleum and Chemical Industry Federation.

In June, Saudi Aramco along with Abu Dhabi National Company signed an agreement to jointly invest in a $44bn refinery on the west coast of India, along with some state-backed domestic refiners.

Disability on screen

Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)

Rosewood and Transparent — heart issues

24: Legacy — PTSD;

Superstore and NCIS: New Orleans — wheelchair-bound

Taken and This Is Us — cancer

Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)

Grey’s Anatomy — prosthetic leg

Scorpion — obsessive compulsive disorder and anxiety

Switched at Birth — deafness

One Mississippi, Wentworth and Transparent — double mastectomy

Dragons — double amputee

MATCH INFO

Europa League final

Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports

Salah in numbers

€39 million: Liverpool agreed a fee, including add-ons, in the region of 39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.

13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.

57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.

7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.

3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.

40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.

30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.

8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.

MATCH INFO

Euro 2020 qualifier

Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)

TV: Match is shown on BeIN Sports

THE BIO

Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old

Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai

Favourite Book: The Alchemist

Favourite quote: Failing to prepare is preparing to fail

Favourite place to Travel to: Vienna

Favourite cuisine: Italian food

Favourite Movie : Scent of a Woman

 

 

 


 

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5


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