Saudi Aramco is in advanced negotiations with China National Petroleum Corporation (CNPC) to build the Yunnan refinery in China, its chairman said on Al Arabiya TV on Wednesday.
Khalid al-Falih, who is also Saudi Arabia's energy minister, said: "We hope to reach an agreement this year."
The minister added that he is optimistic on demand for oil.
Reporting by Reem Shamseddine
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