Thursday 18, October 2018 by Kudakwashe

Saudi Aramco to acquire a stake in Zhejiang Petrochemical refinery


Saudi Aramco signed a long-term deal with the project's operator Zhejiang Rongsheng to supply crude oil last month.

Saudi Aramco will acquire a stake in a refinery-petrochemical project built by Zhejiang Petrochemical in eastern China, reported Reuters.

Abdulaziz al-Judaimi, Aramco's Senior Vice President of Downstream, said that Aramco expects to supply 170,000 barrels per day of crude to the refinery in Zhoushan in eastern China when it starts operation.

Zhejiang Petrochemical, 51 per cent owned by textile giant Rongsheng Holding Group, plans to start its 400,000-barrels-per-day refinery-petrochemical project in eastern China in late 2018.

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