Saudi state firm Aramco has signed a memorandum of understanding with the authorities of Zhejiang province in eastern China for investment in a 400,000 b/d capacity refinery and integrated petrochemicals plant at Zhoushan just south of Shanghai. The deal also envisages cooperation in crude oil supply, storage and trading.

Aramco’s senior downstream VP Abdulaziz al-Judaimi told Reuters on the sidelines of the signing ceremony in Shanghai that the company has not finalized the size of...