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Aramco suspends $10-bn China oil refinery venture as it plans capex cuts

Aramco plans deep cuts to its capital spending as it tries to maintain a $75-bn dividend amid low crude prices and rising debt

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Saudi Arabian Oil, or Aramco, decided to stop investing in the facility in China’s Northeastern province of Liaoning after negotiations with its Chinese partners

Bloomberg

2 min read Last Updated : Aug 22 2020 | 1:08 AM IST

Saudi Arabia’s state oil company has suspended a deal to build a $10 billion refining and petrochemicals complex in China, according to people familiar with the matter, as the company slashes spending to cope with low oil prices.

Saudi Arabian Oil, or Aramco, decided to stop investing in the facility in China’s Northeastern province of Liaoning after negotiations with its Chinese partners, said the people, who asked not to be identified as the matter is private. The uncertain market outlook was behind the decision, they said.

Aramco declined to comment. China North Industries Group , or Norinco, one of the

Topics : Saudi Arabia Saudi Aramco China

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