Saudi Aramco Takes $3.6 Billion Stake in Top China Oil Refinery

Saudi Aramco, the world’s biggest oil producer, has agreed to buy a 10% stake in a giant oil complex in China for 24.6 billion yuan ($3.6 billion), in exchange for securing sales to one of the country’s largest refineries.

Aramco will also supply 480,000 barrels of crude oil per day to Rongsheng Petrochemical Co’s refinery in the eastern province of Zhejiang over a 20-year period, according to a statement from the Chinese company. Aramco will also provide a credit of $800 million to Rongsheng for the purchase, that statement said.

The deal comes a day after Saudi Aramco ...