Page 13 - MEOG Week 31 2022

MEOG NEWS IN BRIEF MEOG

Nasser Kanani added: “Within the framework valves in Iran which is based to the southeast between the parties in Saudi Arabia.
of the policy of lifting the cruel sanctions of the capital Tehran. The MoU outlines pathways for strategic
against our country, the negotiating team of The 7-meter, 15-ton motor operated valve cooperation between Aramco and Sinopec
the Islamic Republic of Iran headed by Ali (MOV) is 56 inches in diameter and has and supports the long-term relationship
Bagheri, the chief negotiator of the Islamic 15,000 Newton meters (Nm) of torque and is between the two companies and their existing
Republic of Iran, will leave for Vienna in a few be able to handle a flow of 1,300 barrels of oil joint ventures in China and in the Kingdom.
hours.” per minute, said the report. Mohammed Y. Al Qahtani, Aramco Senior
According to Kanani, in this round of It added that Iran used to spend around Vice President of Downstream, said: “We are
talks, which will be held as before with 5 million euros on imports of similar valves delighted to be able to extend our relationship
the coordination of the European Union, from abroad. with Sinopec and leverage our mutual
regarding the ideas presented by the parties, The achievement comes as Iran’s oil strength and reach while creating a path to
including the ideas presented by the Islamic industry has been subject to a comprehensive bring our long-standing cooperation in China
Republic of Iran, which were presented to regime of American sanctions since to our facilities in Saudi Arabia. This latest
the other party this week, discussion and 2018 when Washington pulled out of an collaboration will help to further advance our
exchange of opinions will take place. international deal on Iran’s nuclear program. strategic relationship with Sinopec into key
The spokesman of the Ministry of Foreign Sanctions were meant to deprive Iran areas of mutual benefit within the Kingdom.”
Affairs, reemphasising the determination of of the ability to use oil exports revenues to Yu Baocai, President of Sinopec Corp.,
the Islamic Republic of Iran to reach a stable develop its massive petroleum industry. said: “Aramco is a very important partner of
agreement that guarantees the rights and However, experts say US bans have created Sinopec. The two companies have yielded
interests of the Iranian people, expressed an opportunity for Iran to rely more on fruitful collaborations and developed deep
hope that the opposite parties will resolve the domestic resources for carrying out oil and friendship over the years. The signing of
situation by taking the necessary decisions gas projects. the MOU introduces a new chapter of
and seriously focusing on solving the Media reports and statement by our partnership in the Kingdom. The two
remaining issues. government authorities in recent years have companies will join hands in renewing the
IRNA shown that Iranian equipment makers and vitality and scoring new progress of the Belt
manufacturers have played a key part in the and Road Initiative and Vision 2030.”
multi-billion dollar Goureh-Jask project. The wide-ranging areas of potential
OIL The project will enable Iran to export up cooperation include; assessing refining and
to 1 billion barrels per day of crude oil from petrochemical integration opportunities;
Home-made valves outside the Strait of Hormuz, a key waterway engineering, procurement and construction;
that accommodates a significant portion of
oilfield services, upstream and downstream
supplied to Iranian oil the global seaborne oil trade. technologies as well as collaboration across
carbon capture and hydrogen processes.
PRESSTV
project opportunities for the establishment of a local
The companies will also discuss the
A domestic company in Iran has managed SERVICES manufacturing hub in King Salman Energy
to manufacture technologically sophisticated Park.
valves needed in a mega oil project in the Aramco, Sinopec to This latest collaboration builds on existing
country. joint ventures between the two companies,
The official IRNA news agency said in a collaborate on Saudi including Fujian Refining and Petrochemical
Wednesday report that the home-made valves Company (FREP) and Sinopec Senmei
will be used in the Goureh-Jask project, a projects (Fujian) Petroleum Company (SSPC) in
1,100km oil transfer pipeline that carries oil China, and Yanbu Aramco Sinopec Refining
from production facilities in southwest Iran to Saudi Aramco has signed a Memorandum of Company (YASREF) in Saudi Arabia.
export terminals outside of the Persian Gulf. Understanding (MoU) with China Petroleum ARAMCO
The valves have been manufactured by & Chemical Corporation (Sinopec) covering
GSSTC, the first and largest supplier of oil multiple areas of potential collaboration

Week 31 03•August•2022 www. NEWSBASE .com P13