Aramco (Saudi Arabia) Joins Forces with China's Sinopec (OIL)

[Gloria]

From the new World Media Watch up now at http://www.zianet.com/insightanalytical
Tomorrow at Buzzflash.com


3//Gulf Times, Qatar Published: Tuesday, 12 July, 2005, 12:28 PM Doha Time

http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=44196&version=1&template_id=48&parent_id=28



ARAMCO JOINS FORCES WITH CHINA’S SINOPEC

BEIJING (AFP): Saudi Arabia’s state-owned Aramco said yesterday it has joined with China Petroleum and Chemical Corp (Sinopec) on a massive oil and chemicals venture in China’s Fujian province.


Abdullah Jum’ah, president and chief executive of Aramco, said it highlighted the importance of China as a oil consumer, and said his company was ready to work with Beijing to keep its economy racing along.


(SNIP)



The Fujian project also involves Exxon Mobil and encompasses a refinery expansion, a petrochemical plant and a joint marketing venture to operate 600 service stations, according to Exxon.


It shows major players are intent on building assets in the world’s fastest-growing oil market at a time when a Chinese move to buy US producer Unocal has some US politicians worried about energy independence.


(SNIP)


“At Saudi Aramco, we are committed to the China market ... and to contribute to your economic growth,” said Abdullah. “We stand ready to deliver the oil China requires just as we have been delivering oil to the global market.”