Muhammed Qahtani, Saudi Aramco's Downstream President. [Photo/Dazhong Daily]

As one of China's largest refining and petrochemical hubs, Shandong province plays a crucial role in Saudi Aramco's expansion of business in China, deepening cooperation with China, and ensuring energy security and economic prosperity for China, said Muhammed Qahtani, Saudi Aramco's Downstream President.

Saudi Aramco is a globally leading energy and petrochemical integrated enterprise, creating value across the entire hydrocarbon value chain and delivering economic and social benefits to people and communities worldwide. The company has established long-standing cooperation with China and has set up five offices in four cities, employing more than 190 people.

In late 2021, Saudi Aramco opened its first office in Shandong, strengthening cooperation with key partners to provide engineering design, procurement, and manufacturing services for Saudi Aramco's core equipment for offshore oil fields.

In 2022, it partnered with Shandong Energy Group to jointly explore integrated refining and chemical projects in China. Based on a memorandum of understanding signed by both parties, the collaboration includes a potential crude oil supply agreement and chemical product purchase agreements, aiming to boost Saudi Aramco's downstream business in Shandong.

"Our cooperation with various parties in Shandong continues to grow, reflecting our firm belief in the immense opportunities the province holds, be it in the energy sector or other fields," said Qahtani. "We look forward to Shandong upgrading its product portfolio, investing in advanced technologies, and attracting world-class talent in order to increase the production of high value-added petrochemical products."