According to OilPrice.com on March 27, Saudi Aramco will invest $10 billion in building an oil refining and petrochemical complex in China, to operate by 2026 with 300,000 barrels/day of crude, with Aramco providing 201,000 barrels per day to the refinery. An Aramco official, Mohammed Al-Qahtani, is quoted: “This important project will support China’s growing demand across fuel and chemical products. It also represents a major milestone in our ongoing downstream expansion strategy in China and the wider region, which is an increasingly significant driver of global petrochemical demand,”
The refinery will be in a long-term sales agreement and partnership with Zhejiang Petroleum and Chemical Co. Ltd. The website reported there is a second such agreement with China’s Sinopec for a refinery and petrochemical cracker. And Aramco has also apparently agreed to acquire 10% of Zhejiang Petroleum’s parent company, Rhongsheng Petrochemical Co. (https://oilprice.com/Energy/Energy-General/Saudi-Aramco-To-Build-10-Billion-Refinery-And-Petrochemical-Complex-In-China.html)
