Riyadh – Mubasher: Saudi Aramco signed a contract with Chinese refiner North Huajin Chemical Industries Group Corp (NORINCO) to supply crude in 2017, Reuters reported.
According to sources, Aramco will supply Arab Extra Light crude to Huajin to enable the Chinese state-controlled refiner to produce more naphtha for its petrochemical production, the agency added.
Reuters noted that this contract is the first between Aramco and Huajin, which comes while Saudi Arabia is trying to return as the top crude supplier to Asia, the world's second largest oil consumer, after Russia acquired it in 2016.
The oil company Arabia has been exploring new ways to supply China with more crude through spot cargoes and providing better credit terms.
Moreover, Aramco may also start supplying crude to the Huizhou refinery owned by China National Offshore Oil Corp (CNOOC) after an expansion that is expected to finish in the second quarter, the agency said.
