Saudi Aramco and China’s Development Research Center (DRC) of the State Council Sign MOU to advance joint collaboration and research

  • MOU to focus on achieving the objectives of bilateral cooperation under Saudi Vision 2030 and China’s Belt & Road Initiative.
  • CEO Nasser: The MoU will deepen our joint cooperation in the energy sector, particularly in the downstream activities.

The long standing business relationship between Saudi Aramco and China was further consolidated during the visit to Saudi Aramco today of H.E. Li Wei, President of China’s Development Research Center (DRC) of the State Council, and his meeting with Amin H. Nasser, President and CEO of Saudi Aramco.

Mr. Nasser and H.E. Li Wei signed a Memorandum of Cooperation on “Promoting the Implementation of Joint Research.” The MoU stipulated that both parties agreed to explore collaboration and research opportunities between the People’s Republic of China and the Kingdom of Saudi Arabia related to alignment and progression of China’s Belt & Road Initiative and Saudi Vision 2030.

The joint research collaboration areas include Saudi Aramco’s core business interest of increasing its downstream presence in China, including oil refining, oil product marketing and retail, and oil storage.  The joint research will also explore the interests of Chinese companies partnering with Saudi Aramco or other Saudi Arabian entities for investment and partnerships.

Saudi Aramco CEO Nasser said: “We welcome H.E. Li Wei and his delegation to Saudi Aramco as we continue to explore together various opportunities for mutual benefit and growth. The MoU we signed today will deepen our joint cooperation in the energy sector, particularly in downstream activities.  Saudi Aramco stands ready for opportunities to invest and to collaborate, and that would bring our two nations even closer together.” He added: “The recent groundbreaking ceremony for the Saudi Aramco–Norinco Refining, Petrochemical and Retail Project in Panjin, in northeast China’s Liaoning province, further strengthens our strategic cooperation and downstream investment in China and our strong commitment to the Chinese market.”

The visit of the DRC delegation to Saudi Aramco comes at the heels of the participation in March 2017 of Saudi Aramco CEO Nasser in the China Development Forum (CDF) 2017 in Beijing as well as the historic state visit to China by the Custodian of The Two Holy Mosques King Salman Bin Abdulaziz.

The Development Research Center (DRC) of the State Council is a state agency responsible for policy research, strategic review and consulting of issues related to the economic and social development in the People’s Republic of China. It is an advisory body which recommends policies to CPC Central Committee and the State Council.

Saudi Aramco has participated regularly in the DRC’s annual China Development Forum, which is China’s most preeminent platform for dialogue between its senior leadership and representatives from the global leading businesses, international organizations, and scholars from China and abroad.