Aramco Assures Commitment to Expansion in China

Aramco Assures Commitment to Expansion in China

Saudi Aramco has reaffirmed its commitment to expansion in China after an erroneous report that it had pulled out of a $10 billion refining and petrochemicals project in the country.

Last week, Bloomberg reported that the Saudi oil giant had decided to stop investing in the project in the northeastern province of Liaoning, which was announced last year during a royal visit to China, in partnership with local energy companies.

But Aramco said: “A Bloomberg news article reporting the suspension of Aramco's joint venture project with Norinco … is inaccurate.”

It added: “China remains an important market for Aramco and we intend to continue to grow our presence in that region. The project in Liaoning province is in the design phase and we continue to work with our partners in China.”

Energy analysts say