A Saudi company may build a refinery in China

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Saudi Aramco is now discussing a probable deal with China National Petroleum Corporation (CNPC) concerning the construction of a refinery in China by the Saudi company, Oilprice.com informs citing Aramco chairman and Saudi Arabia’s energy minister Khalid al-Falih.

Al-Falih stated in an interview on the state-owned TV-channel Al Arabiya TV that the Saudi company hopes to reach an agreement with Chinese partners and build the Yunnan refinery this year. Talking about China’s demand for oil, the minister told that it remains “very healthy”.

Aramco chairman also mentioned that China had expressed interest in opening its stock markets to the Saudi’s oil company when the Arabian oil giant issues an IPO to sell five percent of its equity.

Last week media informed that Angola surprisingly became China’s top crude oil exporter ousting both Saudi Arabia and Russia from the highest position. It was explained that the increase of the African export to the Asian country is connected with higher demand from Chinese teapot refineries who have turned to the cheaper Angolan oil.