DUBAI, May 16 (Reuters) - Saudi Arabia's state-run oil company Saudi Aramco IPO-ARMO.SE said on Tuesday it had signed a joint development agreement with Chinese defence conglomerate China North Industries Group Corp (Norinco) for a refining, petrochemical and retail project.
The project will be in Panjin, in northeast China's Liaoning province, the statement said. Reuters reported earlier on Tuesday that the companies plan to build a refinery and chemical complex worth up to $10 billion. project will significantly expand Saudi Aramco's footprint in China's downstream industry considering the paramount importance of the Chinese economy for Saudi and Saudi Aramco's future investments," the statement said.