Saudi Aramco inks US$10 billion refining JV in Liaoning

BEIJING - Saudi Arabia and China have signed a series of deals worth billions of dollars in new petroleum refining, storage and sales joint ventures as the former works to consolidate its place as a major energy partner to China.

According to a report in Caixin, at the centre of the agreements are plans for a refinery complex costing more than US$10 billion in the city of Panjin, in Liaoning province.

The new company developing the project, Huajin Aramco Petrochemical, is said to be the largest-ever Chinese-foreign joint venture, Caixin reported.  www.webershandwick.cn (ATI).