Saudi Aramco awards second gas contract to Sinopec
China’s Sinopec has been selected by Saudi Aramco for the exploration and development of natural gas and gas condensate deposits in the Kingdom’s Rub' Al-Khali Basin. Dubbed Contract Area B, the deal covers a 40,000-square-kilometer region.
To explore Contract Area B, Sinopec and Saudi Aramco will establish an exploration and production company. Saudi Aramco wiln hold a 20 percent stake in the joint venture.
Russia’s Lukoil won the bid for Contract Area A earlier this week. The project will be implemented by Lukoil Overseas, a subsidiary specializing in international upstream projects. Contract Area C, comprising 52,000 square kilometers, is up for bid today. — (menareport.com)
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