China’s state-owned Sinopec Group and Saudi Basic Industries Corp signed a strategic cooperation agreement in Beijing on Thursday to look into opportunities for cooperation in both countries, Sinopec said on its website.
The agreement covers several strategic projects, including developing joint venture petrochemical projects in China and Saudi Arabia, which target key downstream markets, such as automobiles, electronics, lighting, construction, packaging, and medical equipment, according to the statement.
Moreover, they will also consider increasing investment in their existing JV Sinopec Sabic TianJin Petrochemical Company Limited in China for long-term integrated cooperation.
The agreement was signed by Sabic Chairman Prince Saud bin Abdullah Al-Saud, and Sinopec Chairman Wang Yupu.
Wang said Sinopec was willing to work with Saudi Arabia closely on upstream exploration and development, oil field services, refining technology and engineering, according to the website.
The agreement was one of many signed between China and Saudi Arabia during Saudi King Salman’s visit to Beijing.
The two countries on Thursday signed MOUs and letters of intent potentially worth about $65 billion involving investment, energy, space and other areas, the Chinese media reported, citing deputy Chinese Foreign Minister Zhang Ming.
By Oceana Zhou
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?