China's Hengli signs $3.6bn Saudi Aramco supply deal

Saudi Aramco signed a deal to supply 131,000 bpd crude in 2019
China's Hengli signs $3.6bn Saudi Aramco supply deal
Hengli has a refinery in the Chinese province of Dalian that is expected to start operations this year and plans to import 20 million tons of crude next year.
By Bloomberg
Sun 11 Nov 2018 08:06 AM

Hengli Group Co. signed deals at the China International Import Expo in Shanghai to import $11 billion worth of commodities and equipment, including a $3.6 billion crude-oil agreement with Saudi Aramco, it said in a statement.

Hengli agreed to buy 6.5 million tons of crude, or 131,000 barrels a day, from Saudi Aramco in 2019.

Hengli has a refinery in the Chinese province of Dalian that is expected to start operations this year and plans to import 20 million tons of crude next year, according to a statement posted on its official WeChat account.

The company also signed deals to import textile equipment worth $750 million.

For all the latest Saudi Arabia news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.