Sinopec to set up technology center in DTV Science Park

Updated 24 January 2016

Sinopec to set up technology center in DTV Science Park

DAMMAM: China Petroleum and Chemical Corporation (Sinopec) signed an agreement with Dhahran Techno Valley Company (DTVC) to establish a state-of-the-art center for technology and innovation in DTV Science Park.

The signing and groundbreaking ceremony was held on Jan. 21, on the sidelines of a visit by a delegation from the Chinese company.
The land lease was signed by Halim Hamid Redhwi, chief executive officer of DTVC, while Sinopec was represented by its Chairman Wong Yeoju by, at Dhahran Techno Valley (DTV) headquarters.
The event was attended by Sahel Abduljauwad, vice rector of King Fahd University of Petroleum and Minerals (KFUPM), and Mohammed Al-Qahtani, senior vice president for exploration and production at Saudi Aramco and a number of officials from KFUPM, Saudi Aramco and Sinopec.
Sinopec, founded in 2000, is one of the largest state-owned petroleum energy and chemicals company in China, headquartered in Chaoyang, Beijing primarily focusing on the exploration of oil and gas, refining, petrochemical, chemical fiber, fertilizer sales, storage and transportation of crude oil and gas pipeline and refined oil.
Redhwi said: “Signing the agreement with Sinopec is a major success story for Dhahran Techno Valley. Sinopec center will add tremendous value to DTV ecosystem’s vision of becoming the world’s largest cluster of upstream petroleum research."
He added: Dhahran Techno Valley was able to develop and create a suitable environment for the development of technology related to energy, and has strengthened the confidence of many local and global companies and encouraged them to establish R&D footprint in the Kingdom."
Redhwi said: "Sinopec Centre for Technology and Innovation in DTV will focus on furthering research and technology development to address Kingdom's technological needs."
Yeoju talked about the depth of relations between Saudi Arabia and China in all fields, especially trade and investment relations.
He said: "These relationships resulted in multiple partnerships between China and Saudi Arabia in the recent period and today’s event highlights Sinopec’s role in promoting this partnership, the launch of Sinopec Center in Dhahran Techno Valley.”
He added: "The decision to establish a center underlines the full commitment of Sinopec to provide the required technologies for the Kingdom in the field of oil and gas, and we look forward to strengthening cooperation between Sinopec, KFUPM and Saudi Aramco to develop energy-related research.”

Russia vows cooperation with OPEC to keep oil market balanced

Updated 21 November 2019

Russia vows cooperation with OPEC to keep oil market balanced

  • Moscow not aiming to be world’s No.1 crude producer, Putin tells annual investment forum

MOSCOW: President Vladimir Putin said on Wednesday that Russia and the Organization of the Petroleum Exporting Countries (OPEC) have “a common goal” of keeping the oil market balanced and predictable, and Moscow will continue cooperation under the global supply curbs deal.

OPEC meets on Dec. 5 in Vienna, followed by talks with a group of other exporters, including Russia, known as OPEC+.

“Our (common with OPEC) goal is for the market to be balanced, acceptable for producers and consumers and the most important — and I want to underline this — predictable,” Putin told a forum on Wednesday.

In October, Russia cut its oil output to 11.23 million barrels per day (bpd) from 11.25 million bpd in September but it was still higher than a 11.17-11.18 million bpd cap set for Moscow under the existing global deal. Putin told the forum that Russia’s oil production was growing slightly despite the supply curbs deal but Moscow was not aiming to be the world’s No. 1 crude producer. Currently, the US is the world’s top oil producer.

“Russia has a serious impact on the global energy market but the most impact we achieve (is) when working along with other key producers,” he said. “There was a moment not that long ago when Russia was the world’s top oil producer — this is not our goal.”

Russia plans to produce between 556 million and 560 million tons of oil this year (11.17-11.25 million bpd), Energy Minister Alexander Novak said separately on Wednesday, depending on the volume of gas condensate produced during cold months.

Russia will aim to stick to its commitments under the deal in November, Novak told reporters.

Russia includes gas condensate — a side product also known as a “light oil” produced when companies extract natural gas — into its overall oil production statistics, which some other oil producing countries do not do.

As Russia is gradually increasing liquefied natural gas production (LNG), the share of gas condensate it is producing is also growing. Gas condensate now accounts for around 6 percent of Russian oil production.

Novak told reporters that in winter, Russia traditionally produces more gas condensate as it is launching new gas fields in the freezing temperatures.

“We believe that gas condensate should not be taken into account (of overall oil production statistics), as this is an absolutely different area related to gas production and gas supplies,” he said.

Three sources told Reuters on Tuesday that Russia is unlikely to agree to deepen cuts in oil output at a meeting with fellow exporters next month, but could commit to extend existing curbs to support Saudi Arabia.

On Wednesday, Novak declined to say that Russia’s position would be at upcoming OPEC+ meeting. Reuters uses a conversion rate of 7.33 barrels per ton of oil.