Saudi Crown Prince Mohammed Bin Salman and Chinese President Xi Jinping in Riyadh
Riyadh doubles down on Chinese downstream partnership
A flurry of petchems co-investments reflects Aramco’s drive to preserve long-term market share in both crude and its products
Chinese president Xi Jinping and Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman (MbS) pledged to deepen energy sector cooperation during the former’s rare post-pandemic overseas visit to the Kingdom in December. And the words on this occasion were more than diplomatic platitudes. Agreements were signed during the trip for Saudi Aramco and China’s state-controlled Sinopec to co-develop a petrochemicals project in each country, as long-mooted expansion of downstream collaboration acquired concrete form. c.1.77mn bl/d – China’s Saudi crude imports The Saudi and Chinese energy sectors are symbiotically linked as respectively the world’s largest exporter and importer of cr
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
