Aramco to boost crude exports to Sinopec

Saudi Aramco expects its crude oil exports to China Petroleum & Chemical Corporation (Sinopec Corp.) to reach 32.4 million metric tons (mt) or 652,438 barrels per day (bpd) this year, an increase of 41% on 2007 volumes, a local media reported. Mohammed Al-Madi, regional vice president and chief representative of Saudi Aramco in Beijing, said Sinopec imported nearly 23 million mt (463,150 bpd) of crude from the Middle East producer in 2007. Saudi Aramco’s supply to Sinopec are set to grow further to one million bpd by 2010 and 1.5 million bpd by 2015. Saudi Aramco, Sinopec and ExxonMobil have a joint venture to expand an existing refinery in Quanzhou in China’s southern Fujian Province to 240,000 bpd from the current 80,000 bpd. (July 30, 2008)