Special to WorldTribune.com

ABU DHABI — China, which has also signed a nuclear cooperation accord with Riyad, will play a key role in Saudi Aramco’s oil refinery plans.

Aramco and China’s Sinopec Group have signed a $10 billion
refinery agreement to develop the 400,000 barrel per day refinery in Yanbu
on the Red Sea coast. The facility is expected to be launched in 2014.

The state-owned Saudi Aramco said it would increase its refining
capacity from more than four million to eight million barrels per day over
the next few years. Executives said the goal could be reached by 2020.

“Over the next decade our total global refining capacity is expected to
approach eight million barrels per day,” Aramco chief executive officer
Khalid Al Falih said in a ceremony on Jan. 14.

  China sign $10 billion oil refinery agreement, Khalid Al-Falih, Red Sea, Riyad, Saudi Aramco, Saudis, Sinopec Group, Yanbu