WRAPUP 1-Sinopec expects 1 mln bpd Saudi oil in 2010

* Saudi crude supply 1 mln bpd in 2010, 30 pct above now

* Sinopec plans 4.1 mbpd 2010 runs, 14 pct above Jan-Sept

* Hopes for Aramco's investment in Qingdao plant

By Jim Bai and Chen Aizhu

BEIJING, Nov 3 (Reuters) - China's Sinopec Corp (0386.HK) said on Tuesday it will buy about 1 million barrels per day of crude from Saudi Arabia next year, a volume nearly 30 percent above the current rate, to feed expanding refining capacities.

The No.1 refiner in Asia aims to process 205 million tonnes of crude in 2010, or 4.1 million bpd, its president Wang Tianpu said, a target 14 percent higher than the average rate of 3.59 million bpd for the first three quarters of this year.

The expansion comes against a backdrop that demand in the world's second-largest oil user is set to maintain robust growth after rebounding from sharp slowdowns in late 2008 and early 2009 on back of recovery of the Chinese economy.

(For a recent China oil demand story: [ID:nPEK285530])

The stronger link with Saudi Arabia, the world's largest oil exporter, has become more obvious after the start of the kingdom's first China refinery in Fujian earlier this year and its ongoing interest in participating in a second one.

"Saudi Aramco will supply China about 50 million tonnes of crude a year in the upcoming few years and the volume should increase from year to year," Wang told reporters.

For the first nine months, Saudi supplied 780,000 bpd crude to China, 15 percent higher than a year ago, official customs data has shown [O/CHINA1], the bulk of which went to Sinopec.

Wang made the remarks during the launching ceremony of a 18.3 billion yuan ($2.7 billion) petrochemical venture, a joint venture with state-controlled Saudi Basic Industries Corp, 2010.SE that is scheduled to start up in the first quarter of 2010 in northern port city of Tianjin.

Wang also said SABIC will supply 10 million tonnes of crude to the Tianjin plant, which is adding a new 200,000-bpd refinery as an integration with the petrochemical works.

Wang didn't give details as to when or over which period the supplies will come through. SABIC traditionally does not involve in crude supply business.