Akhir 15, 1432, March 20, 2011 -- Aramco Overseas Company B.V., a subsidiary of Saudi Aramco, and PetroChina Company Limited, a subsidiary of CNPC, have signed a Memorandum of Understanding related to the planned development of a 10 million metric tons per annum (200,000 barrels per day) grassroots full conversion refinery in Yunnan Province in the People's Republic of China. The proposed refinery will be designed to process 200,000 bpd of Arabian crude oil and will produce high-quality refined products, such as ultra low-sulfur gasoline and diesel that meet current and future China products specifications. The project represents an opportunity for Saudi Aramco to partner with CNPC, a leading Chinese petroleum company, to support growing demand for high quality refined products and capture an investment opportunity in China's promising refining industry. Additionally, it enhances a strategic partnership of close cooperation between a major producer and a major consumer of hydrocarbons while also presenting an opportunity for additional energy security and increased industrialization in the inner part of China. --MORE
