BUSINESS | Saudi ARAMCO Signs Mou With China’s Zhejiang Free Trade Zone

RIYADH, SAUDI ARABIA – Saudi ARAMCO signed on Thursday a Memorandum of Understanding (MoU) with China’s Zhejiang free trade zone to facilitate its acquisition of 9 percent stake in Zhejiang integrate 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 headquarter 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.

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