Saudi Arabia State-owned oil firm, Aramco has signed an agreement with Chinese Norinco to build a refining and petrochemical complex in Panjin city.
The deal was signed during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing as part of an Asia tour.
The project which is worth more than $10 billion part, a part of it will include a 300,000 barrels per day refinery with a 1.5 million metric.
Aramco will hold 35 percent of the new company, with Norinco and Panjin 36 percent and 29 percent respectively.
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Aramco will supply up to 70 percent of the crude feedstock for the complex and operations will commence in 2024.
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