Saudi Aramco is likely to re-establish itself as China's largest supplier of crude oil after signing new contracts with five Chinese firms. The deal will see the company supply China for a second time in two years, and it comes just weeks before President Xi Jinping visits Beijing on his first foreign trip since taking office last year. next year, enough to overtake Russia as the country's largest crude provider. The company, China's biggest supplier between 2006 and 2016, signed deals with state-owned firms CNPC, Sinochem, CNOOC and NORINCO, and the independent refiner Hengli Petrochemical. The agreements will see exports to the five rise to 623,000 bpd next year from 97,000 bpd.
Saudi Aramco is likely to re-establish itself as China's largest supplier of crude oil after signing new contracts with five Chinese firms. Aramco forecasts the deals will boost exports to China by 1.67 million barrels per day (bpd) next year, enough to overtake Russia as the country's largest crude provider. The company, China's biggest supplier between 2006 and 2016, signed deals with state-owned firms CNPC, Sinochem, CNOOC and NORINCO, and the independent refiner Hengli Petrochemical. The agreements will see exports to the five rise to 623,000 bpd next year from 97,000 bpd.