Saudi Aramco and China’s Development Research Center Advance Collaboration and Research
The longstanding business relationship between Saudi Aramco and China was further consolidated during the visit to Saudi Aramco last week of Li Wei, president of China’s Development Research Center (DRC) of the State Council, with Amin Nasser, president and CEO of Saudi Aramco.
The two signed a Memorandum of Cooperation on promoting the implementation of joint research. The memo 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.
“The MoU we signed today will deepen our joint cooperation in the energy sector, particularly in downstream activities,” said Nasser “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 Saudi 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.