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China, Saudi Arabia strengthen ties with deals for big oil projects (OTCMKTS:SNPTY)

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China’s Sinopec (OTCPK:SNPTY) signed a framework agreement with Saudi Aramco (ARMCO) Saturday to build a Phase 2 16M metric tons/year refining project and 1.5M ton/year ethylene units in China’s Fujian province.

The Chinese company expects the project will be completed and operating by year-end 2025.

Sinopec (OTCPK:SNPTY) also signed MoUs with Aramco (ARMCO) to build a liquids-to-petrochemical facility in Saudi Arabia.

China President Xi Jinping said during his visit to Saudi Arabia this week that his country intends to expand oil trade with the kingdom.

China’s zero-COVID policy and slumping economy mean its total oil consumption this year will be lower than in 2021; despite some recent loosening of strict COVID rules, crude oil futures prices have been sliding.

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