Aramco, Sinopec sign initial agreement to collaborate on projects in Saudi Arabia

RIYADH: Saudi oil giant Aramco has signed an initial agreement with China Petroleum & Chemical Corp., known as Sinopec, to collaborate on projects in the Kingdom, according to a statement. 

The areas of potential cooperation include upstream and downstream businesses, engineering and construction, oilfield services, carbon capture and hydrogen. 

The companies will also discuss the opportunities for the establishment of a local manufacturing hub in King Salman Energy Park.