Aramco, Saudi Arabia’s state oil firm, has restarted talks to construct a multi-billion dollar refining and petrochemicals plant in China, reports Bloomberg.
According to several people with knowledge of the matter, Aramco is holding preliminary negotiations about a facility in the Northeastern province of Liaoning with partners including Norinco, a state-owned defense contractor.
Talks over what was meant to be a $10 billion venture were suspended in 2020 as oil crashed at the start of the pandemic. Now, with crude approaching $100 a barrel, Aramco’s finances have been transformed, freeing up money for investment in its biggest export market.
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