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  • China, Saudi Arabia consolidate energy ties amid uncertainty over Russian supplies

    Work on the Panjin project is expected to start within three months, with Aramco securing a deal to supply more than two-thirds of the 300,000 barrels per day of crude oil that the complex will require as feedstock once complete – business that could otherwise have gone to Russia, the main competitor of Gulf energy exporters.

  • Saudi Aramco’s Deal Will Cement China’s Oil Demand and Push Its Peak Higher

    For Saudi Arabia, investing in a foreign refinery is often less about profits from processing crude and more about having secured demand. The Saudis and other oil-rich countries are fighting to lock in long-term customers. Nowhere else does the size of the contracts — and, equally important, their longevity — match what’s possible in China. Over time, India, where Aramco is also exploring refinery ventures, may approach China. But it’s not there yet. New Delhi consumes 5.5 million barrels a day of crude, compared to Beijing’s 16 million. Even if Chinese growth slows, it would take India decades to catch up

  • Saudi Aramco’s Deal Will Cement China’s Oil Demand and Push Its Peak Higher

    The Saudis have attempted to crack open China’s oil-refining industry for decades, trying to buy stakes as a beachhead to supply more oil into the People’s Republic. It’s a well-worn strategy: The Saudis did the same in other big petroleum markets, investing in refiners from Japan to the US to South Korea. In exchange for their equity, the Saudis locked in sales of their oil. It’s a money-for-crude investment that guarantees the Saudis steady demand for their oil.

  • Saudi Aramco boosts China investment in two refinery deals

    Aramco said on Monday it had agreed to acquire a 10% stake in privately controlled Rongsheng Petrochemical Co Ltd (002493.SZ) for about $3.6 billion. The deal includes the supply of 480,000 bpd of crude oil to Rongsheng-controlled Zhejiang Petrochemical Corp (ZPC) for 20 years, Aramco added. It follows a preliminary agreement Aramco reached with the Zhejiang provincial government in 2018 for a 9% stake in ZPC.

  • US Recalls F-15, F-16 Fighters From The Middle East To Fight China & Russia; Could Replace Them With A-10 Warthogs

    According to the Wall Street Journal (WSJ), the A-10s, likely to be deployed in the Middle East by April, are part of a broader plan to have “modest” ground and naval forces under CENTCOM. Confronting Moscow and Beijing will need maximum military resources – air, land, and naval – and the Middle East is gradually calming down, possibly requiring less US intervention.

  • Saudi Aramco boosts China investment in two refinery deals

    Aramco said on Monday it had agreed to acquire a 10% stake in privately controlled Rongsheng Petrochemical Co Ltd (002493.SZ) for about $3.6 billion. The deal includes the supply of 480,000 bpd of crude oil to Rongsheng-controlled Zhejiang Petrochemical Corp (ZPC) for 20 years, Aramco added. It follows a preliminary agreement Aramco reached with the Zhejiang provincial government in 2018 for a 9% stake in ZPC.

  • Saudi Aramco boosts China investment in two refinery deals

    Saudi Aramco (2222.SE) raised its multi-billion dollar investment in China by finalising and upgrading a planned joint venture in northeast China and acquiring an expanded stake in a privately controlled petrochemical group. The two deals, announced separately on Sunday and Monday, would see Aramco supplying the two Chinese companies with a combined 690,000 barrels a day of crude oil, bolstering its rank as China's top provider of the commodity.

  • China stocks: recovery bets doubted as empty shipping containers pile up at Shanghai, Ningbo, Shenzhen ports

    Investors putting their money on the mainland’s ­recovery theme may find their stock bets premature as one major part of the economy struggles. Empty shipping containers are piling up in major ports from Shanghai to Ningbo and Shenzhen as exports shrink. Local media reports and posts on social media in the past month suggest idled containers are hitting multi-year highs, painting a bleak picture on the outlook for exports, challenging bullish calls from Wall Street banks on the economic upturn.

  • Saudi Aramco is ‘doubling down’ on China’s energy supply, chief executive says

    “We want to be an all-inclusive source of energy and chemicals for China’s long-term energy security and … high-quality development,” Amin Nasser said at the China Development Forum on Sunday. “That’s why we are doubling down on China’s energy supply, including new lower carbon products, chemicals, and advanced materials, all supported by emissions reduction technologies,” he said.

  • Chart: China’s Rise to Russia’s Most Important Trade Partner

    Over this period, Russia has continuously expanded the share of its imports from China. As data from the trade portal Germany Trade & Invest (GTAI) shows, the share of the total value of Russia's imports coming from China was around 24 percent before the start of the war. At the beginning of the millennium, Russia still sourced most of its imports from Germany (13.8 percent).