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Wed 31 Aug 2016 04:14 PM

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Saudi Aramco in advanced talks to build refinery in China

Chairman says in negotiations with China National Petroleum Corporation for Yunnan refinery

Saudi Aramco in advanced talks to build refinery in China
Khalid al-Falih, the chairman of Saudi state oil giant Aramco. (AFP/Getty Images)

Saudi Aramco is in advanced negotiations with China National Petroleum Corporation (CNPC) to build the Yunnan refinery in China, its chairman said on Al Arabiya TV on Wednesday.

Khalid al-Falih, who is also Saudi Arabia's energy minister, said: "We hope to reach an agreement this year."

The minister added that he is optimistic on demand for oil.

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