Saudi Aramco to Double Crude Supply to China By 2010 (Update1)
By Winnie Zhu
April 24 (Bloomberg) -- Saudi Aramco, the world's biggest state oil company, aims to double its crude oil supply to China by 2010 from about 500,000 barrels a day last year, an official from unit Saudi Petroleum Ltd. said.
Aramco has signed an agreement with China Petrochemical Corp., the nation's biggest refiner, to sell 1 million barrels of crude a day by 2010, Mohammed al-Madi, a vice president of Saudi Petroleum, said today at a conference in Chengdu, the capital of southwestern Sichuan province.
Saudi Arabia accounted for 8.2 million metric tons, equivalent to 650,000 barrels a day, or 18 percent, of China's crude imports of 45.5 million tons in the first quarter, according to data from Beijing-based Customs General Administration April 22.
The Middle Eastern kingdom will increase its output capacity to 12.5 million barrels a day by 2009, Saudi Arabia's Oil Minister Ali al-Naimi said April 22. The world's top oil exporter produced 9.2 million barrels a day in March, according to data compiled by Bloomberg.
The country's new Khursaniyah field on the east coast has started and will eventually pump 500,000 barrels a day, Aramco Chief Executive Officer Abdallah Jum'ah said this month.
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