PetroChina Gets in Bed wtih Saudis to Secure Oil Supplies 中石油的沙特“情缘”

Saudi Arabia has seen the future, and the world’s biggest oil exporter sees it in a place called China: a realization that will play to Beijing’s advantage. Saudi Aramco, the nation’s oil producing arm, has announced it’s pairing up with top Chinese oil producer PetroChina (NYSE: PTR; HKEx: 857; Shanghai: 601857) to build a large new refinery in south China’s Yunnan province, a move that plays nicely to the Chinese producer as it looks to secure its supplies in these volatile times for oil prices. (English article). This move is especially interesting  coming even as Beijing pumps billions into developing its new energy industries to reduce its reliance on oil. But let’s face it: the new energy aspirations are still at least 5 or 6 years from producing any meaningful results, and so China is going to need plenty of oil to keep its economy humming during that period. And as far as PetroChina is concerned, this tie-up could help to shield it from some of the wild swings the oil market has seen lately, which could only benefit its bottom line.

Bottom line: PetroChina’s new refinery with Saudi Aramco will provide a welcome new lifeline to the Chinese firm in helping to buffer it from wild price swings on the global oil market.

世界产油大国沙特阿拉伯预见到了未来，而这个未来就在中国。国有的沙特阿美石油公司宣布，将与中国石油巨头中石油<PTR.N><0857.HK><601857.SH>联手在中国云南省建设一个巨大的炼油厂。

这一举动对中石油意义非凡，尤其是在当前的动荡时期，有利於中石油获得稳定的石油供给。尽管中国正在投入巨资建设新能源产业，降低对石油的依赖，但实话实说，开发新能源至少在五六年内还不可能产生任何有意义的成果，中国经济对石油的依赖短期内也就无法降低。

一句话：中石油与沙特阿美的合资炼油厂对前者来说是大好消息，有助於其抵御国际市场油价动荡的冲击。