Aramco says committed to China refinery project
Saudi Aramco, the world’s biggest oil producer, remains “committed” to plans to build a 200,000 barrels-per-day (bpd) refinery in the southwestern Chinese province of Yunnan, the company’s chief executive, Khalid Al Falih, said yesterday.
Aramco’s subsidiary, Aramco Overseas, signed a pact in March 2011 with top Chinese oil firm PetroChina on building the refinery, saying it planned to supply up to 200,000 bpd to the project through a long-term contract. “We are committed to the Yunnan project and we will pursue it,” Al Falih said on the sidelines of a conference in Beijing. Asked if that meant supplying crude oil or investing in the construction of the refinery itself, Al-Falih said “both”. Aramco hopes to play a role in China’s efforts to solve its energy needs, as the country’s oil demand is set to double by 2030.