Saudi Aramco to double crude supply to China refinery in 2018

27 February 2018
Saudi state oil giant will be supplying 12 million barrels of oil to the Huajin downstream complex

Saudi Aramco has agreed to supply China’s Huajin Chemical Industries Group Corp 12 million barrels of crude oil under an annual deal for 2018, a considerable rise in supply from last year.

Although it’s a only portion of Aramco’s total supplies to China, the annual deal – the second of its kind between Saudi Arabia and the Chinese company – will help the kingdom boost its market share in the world’s largest crude buyer against competition from industry peers like Russia.

Aramco supplied an estimated 6 to 8 million barrels to Huajin last year, according to Reuters.

In May 2017, Aramco signed a preliminary agreement with Norinco to build a refining and petrochemical project in Panjin.

Russia beat Saudi Arabia to be the top oil supplier to China for the second year in a row in 2017.

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