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  • 20-10-18

    Saudi Aramco to acquire stake in new Chinese refinery

    (MENAFN) Saudi Aramco and China's Zhejiang Province government penned a memorandum of understanding on the purchase of a stake in a refinery project.

    The Saudi giant, under the agreement is to acquire stake in the refinery project of Zhejiang Petrochemicals' corporation.

    The deal was inked during the Second International Petroleum and Natural Gas Companies' Conference, as reported the Saudi Press Agency on Friday.

    Senior Vice President of Saudi Aramco for Refining, Abdulaziz Al-Qademi stated: "we are looking to increase our investment, in China's refineries and petrochemicals."

    The top official noted that "such an agreement will increase our customer base, as a result of our focus on the markets."

    Al-Qademi further added that China is considering Saudi Aramco as an important partner in a range of refining and petrochemicals areas.

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