The Sinopec Group announced on March 16, 2011, that it had signed a partnership MOU with Saudi Aramco to jointly develop a world class deep-processing refinery at Yanbu on the Red Sea coast. The Sinopec Group will hold a 37.5% stake, and Saudi Aramco a 62.5% stake in the project. The refinery plans to start operation in 2014. Su Shulin, Sinopec’s general manager, said that the joint venture will deepen the strategic partnership between the two companies and diversify Sinopec’s sources of energy outside China.
Source: Xinhua, March 16, 2011