Saudi state firm Aramco has signed a memorandum of understanding with the authorities of Zhejiang province in eastern China for investment in a 400,000 b/d capacity refinery and integrated petrochemicals plant at Zhoushan just south of Shanghai. The deal also envisages cooperation in crude oil supply, storage and trading.
Aramco’s senior downstream VP Abdulaziz al-Gudaimi told Reuters on the sidelines of the signing ceremony in Shanghai that the company has not finalized the size of its stake in the project, but expects to supply 170,000 b/d of Saudi crude to the plant. (CONTINUED - 222 WORDS)