China-Saudi Beneficial Venture

Saudi Arabia's state-owned oil firm Saudi Aramco joined with China?s petrochemical giant Sinopec on a massive oil and chemicals venture in China's Fujian province.

Aramco?s president Abdullah Jumah said it realized the importance of China as an oil consumer, and was ready to work with Beijing to keep its economy racing along.

"That will expand an existing refinery complex to provide additional quantities of refined products and petrochemicals," he said at a briefing here. "The partnership with Sinopec doesn't end there. We are working together to explore the feasibility of developing a new grassroots refinery in Qingdao in Shandong province.

"Our discussions have been very positive and we believe this refinery project would hold tremendous benefits for Sinopec and Saudi Aramco and of course for the Chinese consumer."