Saudi Aramco has signed an MoU to facilitate the acquisition of a stake in a refinery and petrochemical complex as well as using a storage facility to serve its customers in Asia.
The company plans to acquire a 9% stakes in the Zhejiang integrated refinery and petrochemical complex. The MoU also includes a long-term crude oil supply agreement and the ability to utilise Zhejiang Petrochemical's large crude oil storage facility for its customers in Asia.
The agreement solidifies Saudi Aramco's participation in the 400,000 barrels per day refinery from Phase III of the Zhoushan Petrochemical Greenfield project, and also allows the parties to evaluate potential opportunities for investment in other pars of the value chain. These may include refining and petrochemical production, storage and trade of crude oil and natural gas, retail, as well as distribution of oil products within the Zhejiang Free Trade Zone.