State oil giant Saudi Aramco has signed a contract with Chinese refiner North Huajin Chemical Industries Group Corp (NORINCO) to supply crude in 2017, two sources with knowledge of the matter said on Monday.
The contract, the first between Aramco and Huajin, comes after Russia overtook Saudi Arabia as the top crude supplier to China, the world’s second largest oil consumer.
Saudi Aramco will supply Arab Extra Light crude to Huajin, providing a steady oil supply that will enable the Chinese state-controlled refiner to produce more naphtha for its petrochemical production, one of the sources said.
By Florence Tan
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