1 Min Read
BEIJING, May 16 (Reuters) - Chinese defense conglomerate China North Industries Group Corp (Norinco) signed a framework agreement with state-run oil company Saudi Aramco to build a refinery and chemical complex in northeast China, industry and government officials said on Tuesday.
The planned projects, including a 300,000 barrels per day refinery and a 1 million tonnes-per-year ethylene complex, were estimated to cost 69.5 billion yuan ($10.09 billion), according to one industry official with knowledge of the agreement.
The framework pact follows a memorandum of understanding the two companies signed in March. (Reporting by Chen Aizhu; Editing by Christian Schmollinger)