In "Huge" Chinese Push By Aramco, World's Biggest Oil Producer Will Build $10BN...• https://www.zerohedge.com, by Tyler Durden
In what has been dubbed a "HUGE push" by the Saudi state-owned petrochemical giant into China's economy, Saudi Aramco surprised the world with a double-header of pro-China news: first, Aramco said it will build a $10 billion refinery in China and, just hours later, it revealed that it would acquire a stake a 10% stake in a Top Chinese oil refinery.
The news come as Saudi Arabia is on the verge of dethroning the petrodollar and accepting payment in Yuan for Chinese oil sales.
Let's dig deeper.
Over the weekend, Saudi Aramco - world's biggest oil producer - announced plans to build a $10-billion refining and petrochemical complex in China's northeast over the next three years, accelerating a development that was paused during the pandemic, and taking advantage of the country's growing demand for energy. According to the Aramco news release, the complex will have a capacity of 300,000 barrels of crude daily, and OilPrice adds that the Saudi major will supply 201,000 barrels per day to the facility.
The project will be carried out in partnership between Aramco and two Chinese companies. Construction works should begin in the second half of this year, with the project scheduled for completion in 2026.
HUGE push into China by Aramco. The Latest: Aramco to expand presence in China by acquiring 10% stake in Rongsheng Petrochemical #OOTT #China #Aramco— Amena Bakr (@Amena__Bakr) March 27, 2023