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English Español Saudi Aramco signs the MoUs to invest in China’s downstream sector

Two MoUs signed to purchase 9% share in 800,000 barrels per day integrated refinery and petrochemical complex, while a third MoU focuses on downstream and retail investments.

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Saudi Aramco has signed three Memoranda of Understanding (MoUs) aimed at expanding its downstream presence in the Zhejiang province, one of the most developed regions in China.

The companies plan to build a large scale retail network over the course of the next five years in the Zhejiang province. The retail business will be integrated with the Zhejiang Petrochemical complex as an outlet for the refined products produced.

“The agreements demonstrate our commitment to the Chinese market and help enhance the strategic integration of our downstream network in Asia,” said Saudi Aramco CEO, Amin Nasser.

The company aims to acquire a 9% stake in Zhejiang Petrochemical’s 800,000 barrels per day integrated refinery and petrochemical complex, located in the city of Zhoushan.

This is Saudi Aramco's second 2019 project to invest in the fuel retailing segment. Earlier this month the Saudi oil company signed a 50/50 joint venture with Total to invest around USD1 billion in Saudi Arabia's fuel retail market.

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