SINGAPORE : Saudi Aramco's new refinery deal to buy a 10 per cent stake in private Chinese chemical group Rongsheng Petrochemical includes agreements on crude oil storage in eastern China and the supply of plastics and petrochemicals to the Middle East energy giant.
Under the Saudi's first storage agreement in China, ZPC will provide Aramco 3 million cubic metres of storage space in east China port Zhoushan, Rongsheng said in a statement on Tuesday to the Shenzhen Stock Exchange outlining further details of the refinery deal. China, its largest crude oil client, is also likely to import record volumes of oil this year as its economy re-emerges from COVID-19 controls.
Aramco's only current crude oil storage site in Asia is on Okinawa in Japan, where the state-run firm last December renewed a deal to store about 8 million barrels.