PetroChina, Aramco Agree On Yunnan JV
By Richard Fu |
March 22, 2011, Tuesday
|
Print Edition
Print Edition
PETROCHINA Co and Saudi Aramco have agreed to build a 200,000-barrel-per-day refinery in Yunnan Province to meet the rising demand for fuel in China.
The joint venture will benefit from the supply of Arabian crude by Aramco and the retail network of PetroChina, said an Aramco statement released on Sunday.
Aramco didn't say how much the Yunnan refinery would cost or specify the stakes of the partners.
"It will enhance the strategic partnership and close cooperation between a major producer and a major consumer of hydrocarbons and also present an opportunity for additional energy security and increased industrialization in the inner part of China," Aramco said of the Yunnan deal.
The Yunnan project was the second refinery tie-up Aramco has revealed with a Chinese firm in a week. Last week, Aramco said it will build a 62.5 percent-owned refinery in Yanbu, Saudi Arabia, with Sinopec Group.
The joint venture will benefit from the supply of Arabian crude by Aramco and the retail network of PetroChina, said an Aramco statement released on Sunday.
Aramco didn't say how much the Yunnan refinery would cost or specify the stakes of the partners.
"It will enhance the strategic partnership and close cooperation between a major producer and a major consumer of hydrocarbons and also present an opportunity for additional energy security and increased industrialization in the inner part of China," Aramco said of the Yunnan deal.
The Yunnan project was the second refinery tie-up Aramco has revealed with a Chinese firm in a week. Last week, Aramco said it will build a 62.5 percent-owned refinery in Yanbu, Saudi Arabia, with Sinopec Group.
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