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PetroChina, Aramco to build refinery JV in Yunnan
By Richard Fu |
March 21, 2011, Monday
|
Online Edition
Online Edition
PetroChina Co and Saudi Aramco have agreed to build a 200,000 barrel-per-day refinery in southwest Yunnan Province to meet the country's rising fuel demand.
Under the contract, Aramco will supply the project with crude oil while PetroChina will contribute its retail network assets to the joint venture, according to an Aramco statement released on Sunday.
"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.
This is the second refinery partnership Aramco has announced with a Chinese company in a week. Last week, Aramco said it will build a 62.5 percent-owned refinery in Yanbu, Saudi Arabia, with Sinopec Group.
Aramco didn't say how much the proposed Yunnan plant would cost or specify the share structure.
"By partnering with global oil firms in refinery projects China could secure crude supplies and bringing in know-hows," said Zhou Mingchun, PetroChina's chief financial officer, in Shanghai today.
China is building an oil and gas pipeline linking landlocked Yunnan with Myanmar. The new pipeline could make Middle East crude very competitive because the delivery route is shorter. Currently, crude from the Persian Gulf is shipped through the Malacca Strait to Chinese ports.
Under the contract, Aramco will supply the project with crude oil while PetroChina will contribute its retail network assets to the joint venture, according to an Aramco statement released on Sunday.
"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.
This is the second refinery partnership Aramco has announced with a Chinese company in a week. Last week, Aramco said it will build a 62.5 percent-owned refinery in Yanbu, Saudi Arabia, with Sinopec Group.
Aramco didn't say how much the proposed Yunnan plant would cost or specify the share structure.
"By partnering with global oil firms in refinery projects China could secure crude supplies and bringing in know-hows," said Zhou Mingchun, PetroChina's chief financial officer, in Shanghai today.
China is building an oil and gas pipeline linking landlocked Yunnan with Myanmar. The new pipeline could make Middle East crude very competitive because the delivery route is shorter. Currently, crude from the Persian Gulf is shipped through the Malacca Strait to Chinese ports.
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