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- China's Sinopec Signs Joint Venture Agreement with Saudi Aramco Worth $4 Billion
- IMF lowers Oman's GDP growth forecast to 2.3% for 2025
- Bahrain All Share Index, Islamic Index close lower
- Gulf Bank issues its fifth Annual Sustainability Report for 2024
- BRICS ministers meet in Brazil over Trump trade policies
- Continuing excellence and driving innovation key pillars of NBK's success: Shaikha Al-Bahar
- Borouge to boost production capacity to 6.6m tonnes
- Bitcoin surges back above $95,000 as institutional interest & economic uncertainty drive growth
- Qatar Stock Exchange index rises by 12.86 points at start of trading
- World-scale Dukhan solar power plant to become operational by 2029: Al-Kaabi
29/04/2025 06:32 AST
China's state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company aimed at operating ports, transporting crude oil, and providing other services related to the sector.
The capital of this joint venture is worth 28.80 billion yuan ($3.95 billion).
The agreement was signed by Sinopec, its unit Fujian Petroleum Chemical Industry Co, and Saudi Aramco's Singaporean unit Aramco Asia Singapore (AAS).
Sinopec and its unit shall contribute 7.20 billion yuan and 14.40 billion yuan in cash, respectively. The remaining amount, representing 25% of the registered capital of the joint venture, will come from AAS.
The joint venture company, Fujian Sinopec Aramco Refining and Petrochemical Co, will engage in port operation, crude oil transportation, and other activities at the refinery and petrochemical complex in the Gulei Port Economic Development Zone, Zhangzhou, in China's Fujian province.
Sinopec and Saudi Aramco started constructing the complex in November last year, as part of the Middle Eastern company's plans to grow its downstream business outside the kingdom and to supply a million barrels per day of crude oil to China for oil-to-chemicals investments.
Sinopec, in a separate statement, reported a 27.6% drop in first-quarter net profit under the China Accounting Standard on Monday.
Asharq Al Awsat
21/04/2025
Saudi energy major Aramco and Chinese electric vehicle manufacturer BYD have signed a joint development agreement to explore advancements in new energy vehicle technologies.
The partnership
Arab News
20/04/2025
Saudi oil giant Aramco has awarded an extension of its Long-Term Agreement (LTA) framework to leading engineering and construction groups - McDermott and Saipem - to support brownfield and greenfield
Arab News
10/04/2025
A major petrochemical industry expansion is set for Saudi Arabia's west coast as Aramco, Sinopec, and Yasref advance plans to develop a fully integrated complex in Yanbu.
The three companies
Arab News
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| ABAR | 139.00 | -7.00 (-4.80 |
| ADNOCGAS | 3.18 | 0.01 (0.31 |
| ADNOCDRILL | 4.87 | 0.04 (0.82 |
| BAHRI | 30.95 | 0.25 (0.81 |
| ADES | 15.36 | -0.12 (-0.78 |
29/04/2025
Gulf Bank has officially released its Fifth Annual Sustainability Report for the year 2024, titled "From Vision to Execution", highlighting the Bank's advancements in sustainability in line with Kuwa
Kuwait Times
29/04/2025
In an interview with CNBC International, Shaikha Al-Bahar, Deputy Group Chief Executive Officer of National Bank of Kuwait (NBK) affirmed the Group's commitment to maintaining excellence and fosterin
Kuwait Times
29/04/2025
Borouge today announced a series of strategic asset expansion projects to accelerate its growth, contributing annually between $165 million and $200 million (AED600 million - AED730 million) in EBITD
Trade Arabia
29/04/2025
Saudi developer Emaar, The Economic City has signed final agreements with four local banks to reschedule SR3.39 billion ($904 million) in existing debt and secure a new credit facility.
In a
Arab News
28/04/2025
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced on Sunday the bank's financial results for the period ending 31 March, 2025.
For the first three months
Saudi Gazette
Financial Information Co.
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