Saudi, Chinese oil giants ink joint refinery deal

Saudi state oil giant Aramco inked a deal Saturday with China's Sinopec to build an oil refinery in the Red Sea city of Yanbu that will process 400,000 barrels per day, state news agency SPA said.

The project, named Yasref, aims to be operational in 2014, SPA reported.

Saudi Aramco will hold a 62.5 percent stake with Sinopec holding the balance in the venture that highlights China's growing role as an infrastructure developer in the oil rich kingdom.

The deal "represents a strategic partnership in the refining industry between one of the main energy producers in Saudi Arabia and one of the world's most important consumers," said Aramco president and CEO Khalid al-Falih.

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