October 18, 2018 / 3:43 AM / a month ago

Saudi Aramco says to invest in refinery-petrochemical project in east China

The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. REUTERS/Ahmed Jadallah

ZHOUSHAN, China (Reuters) - State oil giant Saudi Aramco IPO-ARMO.SE plans to ink an agreement later on Thursday to take a stake in a refinery-petrochemical project in eastern China, a senior official said on Thursday.

“We will have a signing ceremony later today with the Zhejiang government to invest in the Zhejiang refinery-petrochemical project,” Aramco’s Senior Vice President of Downstream, Abdulaziz al-Judaimi told an industry event.

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

Zhejiang Petrochemical, 51 percent 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.

Reporting by Meng Meng and Florence Tan; editing by Richard Pullin

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