China’s ZPC Signs Oil Purchase Deal with Saudi Aramco, Paper Reports

SEATTLE (Oil Monster): Privately-owned Chinese refiner Zhejiang Petroleum & Chemical Co (ZPC) has signed a purchase deal with Saudi Arabian state oil producer Saudi Aramco (2222.SE) for 1.08 million tonnes (7.88 million barrels) of crude oil, government-backed Chinese newspaper Zhoushan Daily reported on Monday.

The 5.3 billion yuan ($735 million) deal was sealed at the 5th China International Import Expo in Shanghai over the weekend.

The report did not disclose the timeframe of the purchase deal. ZPC confirmed the deal without providing any details.

Saudi Aramco declined to comment.

The 800,000 barrel per day ZPC refinery processed a total of 26.52 million tonnes crude oil in 2021, the paper said.

Courtesy: www.reuters.com