World energy giant Saudi Aramco has signed an agreement with China to build an advanced refinery complex in the northeastern region of the Asian country.
The matter was confirmed by Aramco chief executive officer Amin Nasser at the China Development Forum in Beijing on Sunday.
It is understood that it has agreed to cooperate with North Huajin Chemical and Panjin Cincheng to start construction of a refinery and petrochemical complex in Liaoning Province.
He said, Aramco wants to be an all-encompassing source of energy and chemicals for China's long-term energy security and high-quality development.
Separately, it also signed a memorandum of understanding with Guangdong province to explore cooperation in sectors including energy, finance, research and innovation.
This is a new development in relations between Saudi Arabia and China as the United States continues to try to curb Beijing's progress in the global economy.
In fact, Riyadh is also now considering selling oil to Beijing using the yuan currency, instead of the American dollar (USD).
