Aramco, Sinopec in talks on Qingdao plant investment

FUZHOU, Nov 10 (Reuters) - Saudi Aramco is in discussion with Sinopec (0386.HK) to invest in the Chinese refiner's 200,000 barrel-per-day (bpd) Qingdao refinery in east China, Saudi Aramco's chief executive Khalid Al-Falih said on Tuesday.

Sinopec said last week that it was very hopeful that the two sides would reach a deal.

The talks, which began well before the start-up of the Qingdao plant in May 2008, have not resulted in any solid progress, partly because of Saudi Aramco's concerns over China's fuel price controls.

Al-Falih also said they had yet to pin down the timing for supplying 1 million bpd of crude to China, a target that Sinopec has said would begin next year.

"We have not pinned down the timing, but we are always ready to meet China's demand," Al-Falih told Reuters.

When asked if 1 mln bpd was a realistic target, he said: "It depends on how demand in China materialises. Once it materialises, we are ready to supply." (Reporting by Chen Aizhu; Editing by Jacqueline Wong)