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|China / Saudi Arabia / Oil|
|Topic Started: Mar 27 2012, 08:54 AM (322 Views)|
|shure||Mar 27 2012, 08:54 AM Post #1|
Saudi oil refinery deal shows close ties
By Hu Yinan, 2012-01-16
Premier Wen Jiabao talks with family members of Abdul-Rahman Ali Al-Jeraisy, president of the Saudi Arabia-China Friendship Association, during a visit to his home in Riyadh on Sunday. Liu Weibing / Xinhua
Strategic partnership confirmed as Wen tours key energy region
RIYADH, Saudi Arabia - In what Riyadh calls "the largest expansion by any oil company in the world", Sinopec's deal on Saturday with Saudi oil giant Aramco will allow a major oil refinery to become operational in the Red Sea port of Yanbu by 2014.
The $8.5 billion joint venture, which covers an area of about 5.2 million square meters, is already under construction. It will process 400,000 barrels of heavy crude oil per day. Aramco will hold a 62.5 percent stake in the plant while Sinopec will own the remaining 37.5 percent.
The deal "represents a strategic partnership in the refining industry between one of the main energy producers in Saudi Arabia and one of the world's most important consumers", said Aramco president and CEO Khalid Al-Falih.
Sinopec, the largest producer and supplier of oil products in Asia, is already Aramco's top crude oil customer, according to Al-Falih. Sinopec Group chairman Fu Chengyu said the project propels the two companies' strategic cooperation and contributes to enhancing the partnership between China and Saudi Arabia.
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|shure||Mar 27 2012, 08:54 AM Post #2|
Growth abroad to offset losses from refining
Updated: 2012-03-27 08:05
Sinopec sees opportunities in unconventional gas resources
China Petroleum & Chemical Corp, or Sinopec, will continue to invest overseas in unconventional natural gas and oil to boost its output and offset losses in its refining operations, a company official said on Monday.
"To invest overseas is our long-term strategy," said Chairman Fu Chengyu during an earnings conference.
Fu said the company will concentrate on oil and natural gas resources overseas, including shale oil, shale gas, and other unconventional resources.
Fu said he expects to see a rapid increase in natural gas output, mainly from unconventional sources, in the next five years.
President Wang Tianpu added that the company is also looking at investment opportunities in refining and petrochemicals, as well as warehouse and logistics operations overseas, to integrate its upstream and downstream business.
Sinopec reached an $8.5-billion deal with Saudi Aramco, the state-run oil company of Saudi Arabia, in January for a joint venture oil refinery that will open in 2014.
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|shure||Mar 27 2012, 08:57 AM Post #3|
Saudi Arabia And China Team Up To Build A Gigantic New Oil Refinery - Is This The Beginning Of The End For The Petrodollar?
In February, China imported 1.39 million barrels of oil per day from Saudi Arabia. That was 39 percent higher than last February. So why is this important? Well, back in 1973 the United States and Saudi Arabia agreed that all oil sold by Saudi Arabia would be denominated in U.S. dollars.
This petrodollar system was adopted by almost the entire world and it has had great benefits for the U.S. economy. But if China becomes Saudi Arabia's most important trading partner, then why should Saudi Arabia continue to only sell oil in U.S. dollars? And if the petrodollar system collapses, what is that going to mean for the U.S. economy?
Those are very important questions, and they will be addressed later on in this article. First of all, let's take a closer look at the agreement reached between Saudi Arabia and China recently.
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|broken sticks||Mar 29 2012, 02:59 PM Post #4|
The History of Oil by Rob Newman - a fantastic presentation detailing the past century of war and how those wars relate to oil. Brilliant.
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