Aramco Overseas Co., a subsidiary of Saudi Aramco, and PetroChina have signed a memorandum of understanding (MOU) to build a 10-million m.t./year grassroots full conversion refinery in Yunnan Province, China. The move follows an MOU signed by the two partners late last year to expand crude oil trade and strengthen cooperation on refinery and petrochemical projects. The proposed refinery will be designed to process 200,000 bbl/ day of Arabian crude oil and will produce "high-quality" refined products, including ultra low-sulfur gasoline and diesel that meet current and future Chinese products specifications.
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