Saudi Aramco Partners with China on $12.2 Billion Oil Refinery Project

Saudi Aramco, the world's largest oil exporting company, recently signed an agreement with Chinese partners to work on an oil refinery and petrochemical project. This massive investment underscores Saudi Aramco's commitment to expanding its presence in the crucial Chinese market.

The project, valued at $12.2 billion, involves a significant collaboration between Aramco and Chinese entities. Aramco agreed to the deal with North Huajin Chemical and Panjin Xincheng to start construction on the refinery and petrochemical complex in Liaoning Province. Amin Nasser, CEO of Saudi Aramco, highlighted the strategic importance of this partnership.

The refinery will be based in northeast China and is expected to have a capacity of 300,000 barrels per day (bpd). This substantial capacity will not only boost China's refining capabilities but will also help to increase Saudi Arabia's crude oil exports to China, the world's largest crude oil importer. Saudi Aramco raised its multi-billion dollar investment in China by finalising and upgrading a planned joint venture in northeast China and acquiring an expanded stake. SINGAPORESaudi Aramco signed an agreement with Chinese partners on Sunday for an oil refinery and petrochemical project in northeast China that is expected to solidify the relationship between the two countries.

This landmark deal signifies a deepening of economic ties between Saudi Arabia and China, ensuring a reliable energy supply for China while expanding Aramco's global footprint.