Saudi Aramco's new refinery deal to buy a 10% 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.
, controlling owner of Zhejiang Petrochemical Corp - operator of China's largest refinery of 800,000 barrels per day - and agreed to a 20-year crude supply deal.
Aramco, the world's top crude oil exporter, has long been scouting for storage space in China to hold crude closer to Asian clients and respond more quickly to the region's demand.of oil this year as its economy re-emerges from COVID-19 controls.
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