RIYADH, Saudi Arabia, Sept. 30, 2020 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec"), China's leading energy and chemical company and now Saudi Aramco's largest onshore drilling contractor, congratulated the Kingdom of Saudi Arabia on its 90th National Day and expresses support for the Saudi Vision 2030.
With firm commitment to responsibility, integrity, excellence, innovation and benefit for all parties, Sinopec's business operations in Saudi Arabia mainly cover the exploration and development of oil and gas fields, oil field services, refining and chemical engineering services, international trade of crude oil, refined oil, petroleum and chemical equipment, as well as investments in refining and chemical projects and sales of chemical products, lubricants and catalysts.
The petrochemical trade makes up 50 percent of total bilateral trade volume between China and Saudi Arabia, contributing to the economic development of both countries as well as serving their respective societies. Sinopec established its Middle East Center for Research and Development in Saudi Arabia in 2016 to enhance cooperation and the exchange of resources, services and learning.
Sinopec has achieved positive cooperation with petroleum and chemical companies in Saudi Arabia. Including the establishment of the Sinopec SenMei (Fujian) Petroleum Company Limited with its Saudi counterparts, the largest refined oil supplier in China's Fujian Province, as well as establishing Fujian Refining and Petrochemical Company Limited (FREP).
Sinopec, the first Chinese company to enter the Saudi Arabian oil field service market, regards localization as the key to its strategies and actively to fulfill social responsibilities.
The company seeks to provide the largest possible number of job opportunities for young people in Saudi Arabia. The Yanbu Aramco Sinopec Refining Company (YASREF) is one of the largest Chinese investment projects in Saudi Arabia with total investment amounts to US$ 8.6 billion, and a joint venture that promoted bilateral cooperation between China and Saudi Arabia to a higher level has offered training and employment opportunities for Saudi Arabian citizens.
YASREF Oil Refinery expanded an existing refinery from producing 20 million tons on yearly basis and uses some of the world's most advanced digital plant automation technologies to achieve integrated management and control. Owning a group of the largest refining facilities in the world, YASREF adopts HSE standards in its production and operation management which ensuring to produce gasoline and diesel products that meets US and EU standard.
Sinopec has established extensive and in-depth cooperative relations with Saudi Arabia to achieve win-win results and comprehensive economic, environmental and social benefits. The Belt and Road Initiative is built on trust and mutual respect, and Sinopec always adheres to that principle and the highest international standards for health, safety and environment management.
Providing high-quality, reliable and efficient drilling services per the principles of the United Nations Global Compact initiative, Sinopec's professional construction teams with years of practical experience hold substantial advantages in design, procurement, construction and management - meeting international standards in Europe, Asia and the United States.
Sinopec is committed to establishing strategic partnerships between China and Saudi Arabia to support the Saudi Vision 2030 and sustainable development of both countries. Sinopec is part of Saudi Arabian society providing resources, technology and equipment, offering support for the local projects in transportation, communications, public health and infrastructure to improve people's lives while respecting Saudi Arabian traditions and culture.
Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, coal chemical products, synthetic fiber, fertilizer and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.