(MENAFN) Saudi Aramco and China penned on Friday an agreement for the establishment of a refining and petrochemical complex worth USD10 billion.
Under the deal, the Saudi oil giant will be setting up a joint venture with China's Norinco in order to construct a refining and petrochemical complex
The joint venture, according to Saudi Aramco, will be part of a plan which consists of a new refinery that has the capacity to produce 300,000 barrels per day and 1.5 million metric tons a year of ethylene cracker.
This comes following Saudi Arabia's promise to invest USD20 billion and Pakistan while exploring investment potentials in India.
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