By SARAH CHEN
BEIJING -- State owned Saudi Arabian Oil Co., or Aramco, has
opened a new Chinese head office in Beijing, deepening its
presences in one of the world's largest energy consumers, in a
move the company says "underscores the strategic importance of
Asia" in its operation.
Aramco Asia, a solely-owned subsidiary of Aramco, opened on
Monday and will serve as the business and cultural exchange
portal between Aramco and China. The new head office in Beijing
has two supporting branches in Shanghai and Xiamen, it
"Our new Asia office here in Beijing will be a hub for
facilitating our joint activities in general and in particular
investment and other business opportunities arising from the
capital projects in Saudi Arabia and Asia,"
said Aramco senior vice president Abdulrahman F. Al-Wuhaib at
the Aramco Asia inauguration ceremony on Monday in Beijing.
The new offices will provide crude oil and chemicals
marketing services, joint venture coordination, procurement,
inspection, research and development, project management, human resources
development and communications in the region, according to the
Aramco already has two joint ventures in China with China
Petroleum & Chemical Corp., or Sinopec Group, and
ExxonMobil. It holds a 22.5% stake in retail oil products
distributor Sinopec SenMei Petroleum Co., and a 25% stake in
the Fujian Refining & Petrochemical Co., which operates a
240,000-bpd refinery. The province of Fuji also
has a 25% stake in the operation.
Saudi Aramco is also planning to sell chemical products from
FRPC to tap in to China's lucrative chemical market, the press
Separately, Aramco is developing a 400,000-bpd refinery in Yanbu on the Saudi Red
Sea coast together with Sinopec. Aramco will own 62.5% stakes
in the project.
Dow Jones Newswires