China Petrochemical Corporation (Sinopec) announced on Wednesday that it has signed a Memorandum of Understanding (MOU) with Saudi Aramco to jointly build a world-class, full-conversion refinery in Yanbu on the west coast of Saudi Arabia.
According to the MOU, the two companies initially agreed to the equity interests of 62.5 percent for Saudi Aramco and 37.5 percent for Sinopec if the joint venture is established.
The amount of investment in the refinery plant is not immediately known. The plant is expected to start commercial operations in 2014, according to investors' plans.
Su Shulin, Sinopec general manager, said that the joint venture would deepen the strategic partnership between the two companies.
According to the MOU, the two companies initially agreed to the equity interests of 62.5 percent for Saudi Aramco and 37.5 percent for Sinopec if the joint venture is established.
The amount of investment in the refinery plant is not immediately known. The plant is expected to start commercial operations in 2014, according to investors' plans.
Su Shulin, Sinopec general manager, said that the joint venture would deepen the strategic partnership between the two companies.
Related News
Photos
More>>
trade
- Chinese Heart in the Fragrance of Medicinal Herbs Model Workers Set up to
- The first TRT-wholly-funded overseas pharmacy opened at Tuen Mun, Hong Kong
- The company has successfully passed the GMP reinspection of Australian TGA.
- China's wind energy industry sees challenges
- China to see robust increase of import oil