Prince Turki announces the agreement in Riyadh.

Saudi Arabia and China have signed a technology agreement to share expertise that would add further value to the oil industry.

The two countries would each set up a center for the transfer of technology, said Prince Turki bin Saud bin Mohammed Al-Saud, president of King Abdulaziz City for Science and Technology (KACST), here on Tuesday.

Speaking at the opening of the Third Saudi-China Oil Refinery Forum 2015, which concluded here on Wednesday, Prince Turki said the agreement has been signed with the Chinese Ministry of Science and Technology. The event was organized by KACST, with experts and researchers from the two countries attending.

Prince Turki said Chinese companies have already set up several petrochemical projects with Saudi Aramco and Saudi Basic Industries Corporation. He said falling prices have seen oil producing nations seek to diversify economic ventures. Efforts must be made to add value to the oil industry, so that it is less subject to price volatility.

Shan Honq, president of China Petroleum University, said that China was the world’s leading consumer of energy, while the Kingdom was the largest producer.

She said oil was the lifeblood of modern industries and emphasized that the forum was an important opportunity to discuss the future of the industry, including the redesign of operations for more cost-effective and environmentally friendly production.

Hameed Al-Muqrin, chairman of the forum, said refining was an essential and important part of the industry in the Kingdom and China. Discussions at the forum focused on identifying new areas of cooperation.

Discussions were held on the latest developments in refinery technology, including innovative catalysts and sulfur management, upgrading of crude oil and heavy residues, and integration of refining and petrochemical processes.

Saudi Arabia, the world’s biggest crude exporter, also wants to become the top producer of refined products such as fuel and petrochemicals. It has nine refining complexes that produce gasoline, fuel and diesel oil, liquefied petroleum gas, jet fuel, kerosene and other petroleum products for the domestic and international markets.

Considered among the most technologically advanced in the world, these refineries have an output of 8 million barrels per day of petroleum products.

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