Saudi Aramco agreed to form a joint venture to develop a $10 billion integrated refining and petrochemical complex in China as well, as take a 9 per cent stake in another refinery, as part of a broader push by the world's largest crude exporter to acquire lucrative downstream assets in Asia.
Aramco will develop a 300,000 barrel-per-day refinery in China with a 1.5 million tonne-per-annum ethylene cracker and a 1.3 million tonne-per-annum paraxylene unit alongside Chinese companies Norinco Group and Panjin Sincen.
The Saudi producer will have a 35 per cent interest in the new company, Huajin Aramco Petrochemical, with Norinco and Panjin Sincen holding 36 and 29 per cent stakes each.
Aramco would supply up to 70 per cent of the crude feedstock for the complex, which is expected to start operations in 2024.
Saudi Aramco also signed an agreement with the government of the Chinese province of Zhoushan to acquire a 9 per cent stake in an 800,000 bpd capacity integrated refinery and chemicals complex.
The Saudi firm signed a long-term crude supply agreement with shareholders of the Zhejiang Petrochemical company that operates the refinery. The agreement had a provision allowing for Aramco to utilise Zhejiang Petrochemical’s large crude oil storage facility to serve its Asian customers.
Aramco will also enter China’s retail fuel segment following an agreement with Zhejiang Energy to, which includes building up a network over five years in the same province. The retail segment will eventually be integrated with the Zhejiang Petrochemical complex, the statement added.
Commenting on Aramco’s $10bn refinery investment, Saudi Aramco chief executive Amin Nasser said, "Our participation in the integrated refining and petrochemical project in Panjin will strengthen our collaborative efforts to enhance energy security, revitalise key growth sectors and industries in Liaoning and also meet rising demand for products and goods in China’s Northeast region."
Saudi Aramco, which produces and sells crude on behalf of the kingdom has begun to increasingly deploy resources towards developing integrated refining and chemicals schemes at home as well as abroad, as it looks to earn more from the sale of products, which have large markets in Asia. Aramco, which is in the process of acquiring 70 per cent of Sabic, the region's largest chemicals company, is also in the process of developing a large-scale downstream complex in India.
The Saudi state producer partnered with Abu Dhabi National Oil Company last year to invest in a $44bn integrated refining and chemicals complex on the west coast of India, along with a consortium of domestic state-backed refiners.
The Zhejiang Petrochemical refinery in which Aramco is invested includes a newly built 400,000 bpd refinery with a 1.4 million tonne per annum ethylene cracker as well as a 5.2 million tonne per annum aromatics unit. The second phase will see addition of a further 400,000 bpd capacity, with a "deeper chemical integration,” Aramco said in a statement.
In China, Aramco said there were additional plans to establish a fuel retail business that will be integrated into the value chain.
By year end, a three-party marketing joint venture will be formed by Aramco as well as Chinese firms North Huajin and Liaoning Transportation Construction Investment Group Company to develop retail fuel stations in target markets.
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Saudi Crown Prince in China
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The deals, which follow the visit of Saudi Crown Prince Mohammed bin Salman to China, following a tour of Pakistan and India also saw the signing of a memorandum of understanding between Saudi Arabia's Public Investment Fund and the Chinese government on investment in renewables.
Saudi Arabia would invest in renewables, making it a "leading global centre" for the sector, the SPA state news agency said on Friday.
The agreement would enable the Saudi sovereign wealth fund to support, develop manufacturing, power generation and emerging technologies over the next ten years, the report added.
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
The five pillars of Islam
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Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
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Mohammed bin Zayed Majlis
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Zayed Sustainability Prize
Zayed Sustainability Prize
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More on Quran memorisation:
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
