Riyadh – Mubasher: State-owned Saudi Aramco will sign preliminary agreements for investing in two oil refining and petrochemical complexes in China, informed sources on Thursday.
The investment deals are to be signed on the sidelines of Saudi Crown Prince Mohammed bin Salman’s visit to China.
The kingdom’s young leader on Thursday arrived in China as a part of his Asian tour, which included Pakistan and India.
The world's largest oil producer will ink a memorandum of understanding (MoU) with China-based defence conglomerate Norinco to establish refining and petrochemical joint venture (JV) in the Chinese province of Liaoning, the sources told Reuters.
“Aramco is also expected to formalise an earlier plan to take a minority stake in Zhejiang Petrochemical, controlled by private Chinese chemical group Zhejiang Rongsheng Holding Group,” the UK-based news agency added, citing the sources.
The Saudi oil giant also plans to boost its market share by signing supply agreements with non-governmental Chinese refining companies.
The front-end engineering work for Norinco’s JV is forecast to be completed in mid-2019, according to an executive official in Aramco.
