SHANGHAI, November 10 (Xinhua) – China's specialty chemicals group, Hengli, has signed an annual deal with Saudi Aramco to purchase 130,000 barrels of crude oil (bpd) per day for 2019.
This is the second largest marketing agreement between the Organization of Petroleum Exporting Countries (OPEC) and the largest oil producer in a private Chinese refinery.
The deal, which was seen by Reuters on Saturday and approved by a company spokesman, was $ 3.6 billion compared to the current market price at the China International Import Fair in Shanghai last week.
The Aramco and Zhejiang Rongsheng Refinery Special Group signed a long-term agreement to supply 170,000 barrels of crude oil per day, and also wanted a share in the Rongsheng Refinery in East China.
Hengyli Chemical Group is expected to begin a trial operation at a new refinery in northeastern China's Dalian at the end of November. The refinery has a capacity of 400,000 barrels per day.
(Created by Marwa Salam for Arabic Newsletter – Edit Ola Shawqi)