September 26, 2018 / 4:14 AM / a month ago

Saudi Aramco signs crude oil supply term deal with China's Rongsheng: source

SINGAPORE (Reuters) - Saudi Aramco has signed a long-term deal with Zhejiang Rongsheng to supply crude oil to the Chinese company’s new refinery in eastern China, a source with knowledge of the matter said on Wednesday.

FILE PHOTO: The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. REUTERS/Ahmed Jadallah/File Photo

The volume and grades to be supplied were not available. Saudi Aramco and Rongsheng could not be immediately reached for comment.

Rongsheng International Trading Co, the trading arm of Chinese conglomerate Zhejiang Rongsheng Holding Group [ZJRSH.UL], has already bought spot Omani crude ahead of the new refinery’s start-up.

Zhejiang Petrochemical, 51 percent owned by textile giant Rongsheng Holding Group, was in August awarded a quota to import 5 million tonnes of crude oil this year. The company plans to start up its 400,000-barrels-per-day refinery-petrochemical project in eastern China in late 2018.

Reporting by Florence Tan; Editing by Tom Hogue

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