Oil giants plan to explore business opportunities together in the Middle East petroleum industry

China Petroleum and Chemical Corp, Asia's largest refiner, signed a strategic agreement on Wednesday with the Saudi Arabian Oil Company, also known as Saudi Aramco, to further explore business opportunities in the Middle East country's oil and gas industry.

The agreement was signed during President Xi Jinping's three-nation tour of the Middle East, as the world's second-largest economy seeks closer political and economic ties with the region.