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Saudi Arabia's crude oil supply to the oil company


May in the two heads of state signed a strategic cooperation framework agreement. Under the agreement, the two sides will jointly enhance the competitiveness of Saudi Arabia's crude oil supply to sinopecLocal time on January 20, President Xi Jinping and Saudi King Hamad bin isa Al Khalifa attended in Saudi Arabia Saudi Aramco Sinopec Yanbu refinery (referred to as Yanbu refinery) launch ceremony.

 "This project is a joint venture of Saudi Arabia and Sinopec, and now finally put into operation." A senior who works in Saudi Arabia, Sinopec said.


 According to him, Yanbu refinery is Sinopec's first overseas refinery project, is the largest investment project in Saudi Chinese. In early 2012, Sinopec and Saudi Arabia's largest state-owned companies to sign a joint venture agreement, the shareholding ratio were 37.5% and 62.5%. The refinery is located near the western city of Yanbu, Saudi petroleum chemical industry zone, the design and processing capacity to 40 million barrels of crude oil per day ($20 million tons / year). He believes that the current Chinese government hopes that in the low oil prices, as soon as possible to achieve the diversification of imported crude oil. Therefore, China's oil prices in Saudi Arabia did not want more upstream projects, but did not want to increase the share of Saudi Crude oil imports to china.

 "But in Iran, we want more exports to China Iran crude oil, Iran has just ended sanctions, its crude oil in the international share is not high. If Saudi Arabia, Iran, Russia and other oil producing countries has great strength of exports, China can in the international market have more stable position -- they are competing to China's export, then China can goods than three choice themselves more satisfied with the price of crude oil, a single large absolutely is not a good thing ", he admits," Saudi Arabia hopes to refining, marketing and petrochemical business investment in China, this is our hope, we very much welcome. "