Wednesday, December 13, 2017

Norinco, Saudi Aramco Ink Refinery Deal

Posted by May 16, 2017

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

Chinese defense conglomerate China North Industries Group Corp (Norinco) signed a framework agreement with state-run oil company Saudi Aramco to build a refinery and chemical complex in northeast China, industry and government officials said on Tuesday.

The planned projects, including a 300,000 barrels per day refinery and a 1 million tonnes-per-year ethylene complex, were estimated to cost 69.5 billion yuan ($10.09 billion), according to one industry official with knowledge of the agreement.
The framework pact follows a memorandum of understanding the two companies signed in March.
Reporting by Chen Aizhu

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