Saudi ARAMCO signs MoU with China’s Zhejiang free trade zone

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed

DUBAI (Reuters) - Saudi ARAMCO signed on Thursday a Memorandun of Understanding (MoU) with China’s Zhejiang free trade zone to facilitate its acquisition of 9 percent stake in Zhejiang integrated refinery and petrochemical complex, Aramco said in a statement.

The MoU was signed during a visit by Yuan Jiajun, governor of the Chinese province of Zhejiang, to Aramco’s headquarters in the Saudi city of Dhahran.

The MOU also included a long-term crude oil supply agreement and will allow ARAMCO to utilize Zhejiang Petrochemical’s large crude oil storage facility to serve its customers in Asia, according to the statement.

Reporting by Dahlia Nehme; Editing by Elaine Hardcastle