Saudi Aramco seeks to boost its share in China’s oil market
Saudi Aramco reportedly stated that their plans for increasing their market share in China include significant investments and the upgrading of numerous Chinese refineries in order to enhance efficiency and minimize environmental impacts.
Saudi Aramco provided about 13% of China’s crude oil demand in 2014, however the Saudi company’s supplies to Asian markets fell 5.7% last year due to weaker demand from China, which is the company’s largest customer in the region. In a sign that the company’s increased focus on China is starting to bear fruit, Aramco’s supplies to China reached the highest level since April 2014 in January.
Meanwhile, Saudi Arabia has also joined China’s proposed Asian Infrastructure Investment Development Bank (AIIB), in which the Middle Eastern country is expected to have a key role.
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