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Saudi Aramco signed Memorandum for Chinese refinery

March 21/2011

(Arabian Oil and Gas) -- Aramco Overseas Company B.V., a subsidiary of Saudi Aramco, and PetroChina Company Limited, a subsidiary of CNPC, on March 17 signed a Memorandum of Understanding (MoU) related to the planned development of a 10 million mta (200.000 barrels per day) grassroots full conversion refinery in Yunnan Province in the Peoples Republic of China.

The proposed refinery will be designed to process 200.000 bpd of Arabian crude oil and will produce high-quality refined products, such as ultra low-sulfur gasoline and diesel that meet current and future China products specifications.

The project represents an opportunity for Saudi Aramco to partner with CNPC to support growing demand for high quality refined products and capture an investment opportunity in Chinas promising refining industry. Additionally, it enhances a strategic partnership of close cooperation between a major producer and a major consumer of hydrocarbons while also presenting an opportunity for additional energy security and increased industrialisation in the inner part of China.

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