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Saudi Aramco Announces New Agreements With Rongsheng and Hengli

Saudi Aramco Announces New Agreements With Rongsheng and Hengli
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Saudi Aramco Announces New Agreements With Rongsheng and Hengli

Saudi Aramco Announces New Agreements With Rongsheng and Hengli

Aramco, one of the world’s leading integrated energy and chemicals companies, has announced agreements with key Chinese partners during a visit to the Kingdom of Saudi Arabia by a senior delegation led by Chinese Premier Li Qiang.
The agreements reinforce Aramco’s ongoing contribution to China’s long-term energy security and development, support China’s participation in Saudi Arabia’s economic growth, and foster collaboration in new technology development. They include preliminary documentation relating to a Development Framework Agreement with Rongsheng Petrochemical Co. Ltd. (Rongsheng) and a Strategic Cooperation Agreement with Hengli Group Co., Ltd.
According to SPA, Aramco Downstream President Mohammed Y. Al Qahtani said: “The signing of these agreements reaffirms our belief in the long-term, mutual benefits that can arise from Aramco’s close collaboration with our Chinese partners. China is an important country in our global downstream growth strategy, and we look forward to building on a relationship that spans more than three decades to unlock new opportunities in this crucial market. These agreements reflect our collective intention to elevate our relationships in vital sectors to advance our downstream objectives, contribute to both China’s and Saudi Arabia’s vibrant energy and petrochemicals sectors, and help develop future technology solutions.”

The preliminary documentation relating to a Development Framework Agreement with Rongsheng is connected to the potential joint development of an expansion of Saudi Aramco Jubail Refinery Company (SASREF) facilities. It follows an announcement in April that Aramco and Rongsheng had signed a Cooperation Framework Agreement relating to the planned formation of a joint venture in SASREF and significant investments in the Saudi and Chinese petrochemical sectors.
This agreement includes Rongsheng’s potential acquisition of a 50% stake in SASREF, the development of a liquids-to-chemicals expansion project at SASREF, Aramco’s potential acquisition of a 50% stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. Ltd. (ZJPC), and participation in ZJPC’s expansion project.
The agreement with Hengli Group Co., Ltd. advances talks relating to Aramco’s potential acquisition of a 10% stake in Hengli Petrochemical Co., Ltd., subject to due diligence and required regulatory clearances. It follows the signing of a memorandum of understanding in April 2024 regarding the proposed transaction.

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GAIN Summit Showcases International Experiences in Governing AI Usage 

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
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GAIN Summit Showcases International Experiences in Governing AI Usage 

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)

The first day of the third Global Artificial Intelligence Summit (GAIN) in Riyadh featured ministers responsible for technology and communications sectors, showcasing their countries' experiences in implementing regulations and controls to maximize the benefits of AI technologies.

GAIN is organized by the Saudi Data and AI Authority (SDAIA) and runs through September 12.

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.

Ministers emphasized the importance of implementing regulations to neutralize the risks and threats associated with AI technologies and highlighted the need to use and benefit from AI in accordance with international ethics and norms.

South African Minister of Science and Technology and Innovation Dr. Bonginkosi Nzimande commended the important role of the global summit hosted by SDAIA. He emphasized that the summit provides an ideal environment and platform for international coordination.

He said this coordination will help developing countries keep up with and compete against technologically advanced countries through genuine international cooperation. This technology is a significant contributor to the renaissance of countries and humanity.

Gabon’s Minister of Communication and Media Laurence Ndong emphasized her country's commitment to collaborating with the United Nations Educational, Scientific and Cultural Organization (UNESCO) to develop policies for governing and regulating AI technologies.

Such policies aim to ensure the optimal use of AI technologies for the benefit of Gabon's infrastructure and national development, she stressed.

Ndong also highlighted the importance of addressing the challenges and threats posed by these technologies to government institutions and societies, emphasizing the need for international cooperation to ensure that AI serves humanity as a whole.

Bahrain’s Information and eGovernment Authority Chief Executive Mohammed Ali Al-Qaed reviewed the experiences of several leading countries in AI fields. He discussed the measures and regulations these countries have taken for the use of technologies based on value-based principles that preserve the ethics and culture of their people.

Bahrain is also following a similar path, taking into account the continuous and instant development in this field, he added. Legislation is being constantly developed, especially as it experiences significant and ongoing advancements.

Cambodia’s Ministry of Post and Telecommunications Secretary of State Makara Khov emphasized that his country recognizes the inherent dangers and threats posed by AI technologies.

Cambodia has taken significant measures to address such risks by implementing regulations and procedures governing the use of AI in government institutions and society. The measures have enabled Cambodia to mitigate many risks and threats, while harnessing the potential of essential technologies such as AI.

Oman’s Ministry of Communications and Information Technology Undersecretary Dr. Ali Al-Shidhani agreed with the ministers and officials noted the Sultanate’s successful experience using technologies to develop human resources in various fields and improve its education and health sectors.

Germany’s Ministry of Digital and Transport State Secretary Stefan Schnorr emphasized the importance of addressing the risks associated with technology, especially AI, at the social and geopolitical levels. He called for collaborative efforts between countries and organizations to neutralize these dangers and promote innovation.

Serbia’s Ministry of Science, Technological Development, and Innovation State Secretary Dr. Miroslav Trajanovic warned of the rapid changes and advancements in AI technologies. He emphasized the need for flexible and dynamic measures and laws that can be continually updated to keep pace with these evolving technologies.

Trajanovic stressed that effectively addressing the challenges and threats accompanying AI technologies requires intelligence, professionalism, and the implementation of optimal ways and mechanisms to benefit from them.

Senegal Director of Information and Communication Technology Aissatou Jeanne Ndiaye confirmed that the Senegalese government has utilized AI technologies to support education and scientific research. She emphasized the importance of considering these technologies' potential risks and threats and noted that measures, procedures, and regulations have been implemented to address such concerns.