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Saudis Buy Into Chinese Mega Oil Refinery to Lock In Sales

  • Aramco agrees to buy stake in Zhejiang Petrochemical project
  • Saudis will supply 400,000 b/d refinery under long-term deal
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Saudi Arabia will buy a stake in an upcoming Chinese mega refinery, its latest investment in the world’s biggest oil market as it pursues a strategy of securing avenues for oil sales.

Saudi Arabian Oil Co., known as Aramco, will acquire a share of a 400,000 barrel-a-day plant at Zhoushan island in China’s Zhejiang province, Abdulaziz M. Al-Judaimi, the company’s senior vice president of downstream operations, said at the International Petroleum and Natural Gas Enterprises Conference on Thursday. The world’s biggest crude exporter has already signed a long-term contract to supply 120,000 barrels a day to the facility.