Sinopec: joint refinery with Aramco 10% completed

Beijing (CNS) -- Sinopec confirmed on Monday that its cooperative refinery program in Saudi Arabia with the country's state oil giant Aramco is under construction and 10% completed.

The refinery is reportedly worth $10 billion and expected to produce 90,000 barrels of gasoline and 263,000 barrels of ultra low sulfur diesel per day. It will cover an area of 5.2 million square meters, and produce 20 million tons of oil every year.

Sinopec and Aramco will respectively take stakes of 37.5% and 62.5% in the project.

Besides the joint venture company, the two national firms will open a natural gas business in Saudi Arabia, and join Exxon Mobil in an oil company in south China's Fujian Province.