Saudi Aramco places big bets on China

World's leading oil exporter plans to expand its refining and petrochemical capacities, looking actively for local partners

Saudi Arabian Oil Company (Saudi Aramco), one of the world's top oil exporters, will continue to boost its downstream presence in China, after it formalized plans to build a 300,000-barrel-per-day refining and petrochemical complex along with Norinco Group and Panjin Sincen in Panjin, Northeast China's Liaoning province, in February.

"This is a clear demonstration of Saudi Aramco's strategy to move beyond a buyer-seller relationship to one where we can make significant investments to contribute to China's economic growth and development," said Amin H. Nasser, president and CEO of Saudi Aramco.