China’s Sinopec (OTCPK.SNPTY), signed a framework agreement Saturday with Saudi Aramco. build a Phase 2 16M metric tons/year refining project 1,5M ton/year in China’s Fujian Province.
Chinese company anticipates The project will be operational and completed by year-end 2020.
Sinopec (OTCPK:SNPTY) also signed MoUs with Aramco (ARMCO) to build a liquids-to-petrochemical facility in Saudi Arabia.
During his visit to Saudi Arabia this past week, China President Xi Jinping indicated that his country is looking to expand oil trade with Saudi Arabia.
China’s low-COVID policies and slumping economy will mean that China’s total oil consumption for this year is lower than 2021. However, crude oil futures have been falling despite the recent relaxation of COVID rules.