Saudi Aramco plans to purchase a stake in a new refinery being built by Zhejiang Petrochemical, Aramco’s senior vice president of downstream, Abdulaziz al-Judaimi, told Reuters on October 18.

Aramco expects to supply the refinery, located in Zhoushan in eastern China, with 170,000 barrels per day (b/d) of Saudi crude once it is operational – expected in late 2018. The total capacity for the refinery will be 400,000 b/d.

Zhejiang Petrochemical is 51% owned by textile giant Rongsheng Holding Group.