Sinopec and Saudi Aramco Unit Forge Joint Venture

China’s state-owned Sinopec has formalized a joint venture agreement with a subsidiary of Saudi Aramco. The partnership will focus on port operations, crude oil transport, and associated services, according to Monday’s announcement.

This collaboration follows Saudi Arabia’s report of a record $137 billion in non-oil exports for 2024.

The joint venture will have a registered capital of 28.80 billion yuan, equivalent to approximately $3.95 billion.