Saudi Aramco sign petrochemical deal with China's Norinco

Saudi Aramco sign petrochemical deal with China's Norinco
Published: 17 May 2017 - 6 a.m.

Saudi Arabia's state-run oil company Saudi Aramco said on Tuesday it had signed a joint development agreement with Chinese defence conglomerate China North Industries Group Corp (Norinco) for a refining, petrochemical and retail project.

The project will be in Panjin, in northeast China's Liaoning province, the statement said. Reuters reported earlier on Tuesday that the companies plan to build a refinery and chemical complex worth up to $10 billion.

"The project will significantly expand Saudi Aramco's footprint in China's downstream industry considering the paramount importance of the Chinese economy for Saudi and Saudi Aramco's future investments," the statement said.




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