Saudi Aramco to Sign Investment Agreements with PetroChina

Khalid al-Falih, Energy Minister of Saudi Arabia, announced that Saudi Aramco would sign the final agreement with PetroChina on the investment in PetroChina Yunnan Petrochemical within the following 6 months. Saudi Aramco will have a big proportion of the shares of the refinery in Yunnan Province, after the sign of the agreement. The refinery’s oil processing capacity will reach 260,000 barrels/day.

PetroChina Yunnan Petrochemical has produced qualified products in August, and it will get crude oil from Saudi Arabia based on the coming agreement.

Saudi Aramco has built cooperation with major players in China’s oil refining industry. In May, Saudi Aramco signed an agreement with China North Industries Group Corporation. According to the agreement, a refining and chemical integration project will be built with the oil refining capacity of 15,000kt/a (300,000 barrels/day) and ethylene capacity of 1,000kt/a.