Saudi Aramco on Friday signed a joint venture agreement with Chinese defence conglomerate Norinco, to establish a refining and petrochemical complex in northeastern China.
The deal, worth over $10 billion according to the state-controlled oil giant, includes a 300,000-barrel per day (bpd) refinery with a 1.5 million metric tonnes per year ethylene crack under a new joint venture company.
The new refinery named Huajin Aramco Petrochemical Co is expected to become operational by 2024.
The agreement entails that the state-run Aramco will supply 70 percent of the crude feedstock for the refinery.
The investments could help Saudi Arabia regain its place as the top oil exporter to China, a position Russia has held for the last three years.