MOSCOW (MRC) -- Saudi Aramco has signed a long-term deal with Zhejiang Rongsheng to supply crude oil to the Chinese company’s new refinery in eastern China, reported Reuters with reference to a source with knowledge of the matter.
The volume and grades to be supplied were not available. Saudi Aramco and Rongsheng could not be immediately reached for comment.
Rongsheng International Trading Co, the trading arm of Chinese conglomerate Zhejiang Rongsheng Holding Group, has already bought spot Omani crude ahead of the new refinery’s start-up.
Zhejiang Petrochemical, 51 percent owned by textile giant Rongsheng Holding Group, was in August awarded a quota to import 5 million tonnes of crude oil this year. The company plans to start up its 400,000-barrels-per-day refinery-petrochemical project in eastern China in late 2018.
As MRC informed before, Saudi Aramco’s potential acquisition of a stake in petrochemicals maker SABIC would affect the timeframe of its own planned initial public offering, the firm’s chief executive, Amin Nasser, said in a TV interview in late July 2018.
Saudi Aramco is an integrated oil and chemicals company, a global leader in hydrocarbon production, refining processes and distribution, as well as one of the largest global oil exporters. It manages proven reserves of crude oil and condensate estimated at 261.1bn barrels, and produces 9.54 million bbl daily. Headquartered in Dhahran, Saudi Arabia, the company employs over 61,000 staff in 77 countries.
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