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Saudi Aramco says it plans to invest in refinery-petrochemical project in east China

Key Points
  • State oil giant Saudi Aramco plans to ink an agreement later on Thursday to take a stake in a refinery-petrochemical project in eastern China, a senior official said.
Crude oil storage tanks stand in the Juaymah tank farm at Saudi Aramco's Ras Tanura oil refinery and terminal at Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018.
Simon Dawson | Bloomberg | Getty Images

State oil giant Saudi Aramco plans to ink an agreement later on Thursday to take a stake in a refinery-petrochemical project in eastern China, a senior official said on Thursday.

"We will have a signing ceremony later today with the Zhejiang government to invest in the Zhejiang refinery-petrochemical project," Aramco's Senior Vice President of Downstream, Abdulaziz al-Judaimi told an industry event.

Last month, Saudi Aramco signed a long-term deal with the project's operator Zhejiang Rongsheng to supply crude oil.

Zhejiang Petrochemical, 51 percent owned by textile giant Rongsheng Holding Group, plans to start its 400,000-barrels-per-day refinery-petrochemical project in eastern China in late 2018.