China: Business Venture Saudi Aramco Signs Crude Oil Supply Deals for 2020
Saudi Aramco has signed the deals with five Chinese customers thus, further strengthening the company’s position as the Asian country’s leading supplier of crude. With this move, the Gulf firm has increased its total volume by 151,000 barrels per day as compared to its 2019 supply contracts.
Shanghai/China – Saudi Aramco has recently signed crude oil sales agreements for 2020 with five Chinese customers, increasing total volume by 151,000 barrels per day compared to their 2019 supply contracts. These new sales agreements further solidify the Company’s position as China’s top crude supplier.
These five new agreements were signed separately on the sidelines of the second China International Import Expo (CIIE), the largest trade fair held under the patronage of Chinese President Xi Jinping. Commenting on the newly signed agreements, Ahmed Al-Subaey, Vice President of Marketing, Sales and Supply Planning, said, “The new agreements signed at CIIE reflect Chinese customers’ continued faith in Saudi Aramco’s supply stability and operational excellence. Likewise, the new agreements demonstrate our continued commitment to the world’s fastest-growing oil market.”
This is the second consecutive year that Saudi Aramco has attended CIIE. Last year, the Company signed a number of crude oil sales agreements with Chinese customers that helped to propel Chinese crude oil sales in 2019 to new levels. These agreements reflect Saudi Aramco’s efforts to strengthen its position in China and support the country’s growth in refining and petrochemicals, as well as overall energy security.