Saudi Arabia’s state-run oil supplier Aramco has signed a deal to supply 12 million barrels of crude oil to China’s Huajin Chemical Industries refinery complex in 2018, according to sources speaking to Reuters, marking a steep uptick from last year.
Aramco sold an estimated 6-8 million barrels to Huajin in 2017, putting Saudia Arabia as the 2nd largest supplier of crude to China behind Russia for the second year running.
The deal will help Saudi Arabia increase its market share in China, now the world’s largest customer of crude oil. Last Spring Aramco also signed a deal with Chinese defense conglomerate Norinco to build a refinery in Panjing.