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Saudi Aramco inks first ever crude oil contract with China's Huajin - sources
February 13, 2017 / 4:33 AM / 10 months ago

Saudi Aramco inks first ever crude oil contract with China's Huajin - sources

SINGAPORE (Reuters) - State oil giant Saudi Aramco IPO-ARMO.SE has signed a contract with Chinese refiner North Huajin Chemical Industries Group Corp (NORINCO) to supply crude in 2017, two sources with knowledge of the matter said on Monday.

FILE PHOTO - An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo

The contract, the first between Aramco and Huajin, comes after Russia overtook Saudi Arabia as the top crude supplier to China, the world’s second largest oil consumer. [O/CHINA1]

Saudi Aramco will supply Arab Extra Light crude to Huajin, providing a steady oil supply that will enable the Chinese state-controlled refiner to produce more naphtha for its petrochemical production, one of the sources said.

Reporting by Florence Tan; Editing by Himani Sarkar

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