Saudi Aramco to sign China refinery deals

The project, Refinery and Petrochemical Integrated Development (RAPID), is a $27 billion complex located between the Malacca Strait and the South China Sea, conduits for Middle East oil and gas bound for China, Japan and South Korea. (The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. - REUTERS)

SINGAPORE: Saudi Aramco plans to sign preliminary deals to invest in two oil refining and petrochemical complexes in China during Saudi Arabian crown prince Mohammed bin Salman’s state visit to Beijing this week, according to sources familiar with the plans.

Saudi Aramco, the world’s top oil exporter, will sign a memorandum of understanding (MoU) to build a refinery and petrochemical project in the northeastern Chinese province of Liaoning in a joint venture with China’s defence conglomerate Norinco, said three sources with knowledge of the matter.