Saudi Arabia, China sign $10 billion oil refinery deal

Saudi Arabia State-owned oil firm, Aramco has signed an agreement with Chinese Norinco to build a refining and petrochemical complex in Panjin city.

The deal was signed during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing as part of an Asia tour.

The project which is worth more than $10 billion part, a part of it will include a 300,000 barrels per day refinery with a 1.5 million metric.

Aramco will hold 35 percent of the new company, with Norinco and Panjin 36 percent and 29 percent respectively.

Aramco will supply up to 70 percent of the crude feedstock for the complex and operations will commence in 2024.

READ ALSO  Grim omens on sustainable livelihoods in Africa (1)