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Article: Saudi Aramco Buys Into Chinese Refining.
- Article from:
- APS Review Downstream Trends
- Article date:
- November 27, 2006
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The China Petroleum and Chemical Corp. (Sinopec), the country's largest oil refiner, plans to sell a 25% stake in an east Chinese refinery to Saudi Aramco. Sinopec and the municipal government of the port city of Qingdao have reached a preliminary deal with Saudi Aramco over the sale.
The Qingdao refinery, located in the province of Shandong, involves a first phase investment of 1.2 billion yuan ($150m) and is due to come into production by the end of 2007. Its annual crude processing capacity is expected at 10 million tons with revenue of over 30 billion yuan.
In April Sinopec and Saudi Aramco signed a memorandum of understanding under which the ...