Riyadh - Mubasher: Saudi Aramco has signed a $10 billion (SAR 37.50 billion) agreement with China’s Norinco to develop a refining and petrochemical complex in the northeastern Chinese city of Panjin.

Under the agreement, Aramco and Norinco will form Huajin Aramco Petrochemical Company, which is a part of a project includes a refinery with a production capacity of 300,000 barrels per day (bpd).

The Saudi company will supply up to 70% of the complex’s crude feedstock.

The major project is expected to be operational in 2024, according to Reuters.

Saudi Arabia, which is seeking to become the leading oil exporter to China, is expected to sign a group of supply deals with Chinese independent refiners.

The GCC kingdom and China signed $28 billion (SAR 104.98 billion) economic cooperation agreements during Saudi Crown Prince Mohammed bin Salman’s visit to Beijing.