State oil giant Saudi Aramco said it had signed an agreement with a provincial government in China to acquire a stake in the new refinery project of top industrial group Zhejiang Petrochemicals.

The MoU was signed on the sidelines of the second International Petroleum and Natural Gas Enterprises Conference (IPEC) held in the Chinese province of Zhejiang Province.

Abdulaziz Al Judaimi, the Senior VP (Downstream), said: "We are exploring opportunities for new refining and petrochemicals facilities, making further investments in China. Saudi Aramco has recently signed a crude oil supply agreement with Zhejiang Petrochemical (Rongsheng)."

"This increase in customer base is due to our continuous focus and attention to the Chinese market. We are also a major JV partner in a growing portfolio of refining and petrochemical assets in China," he stated.