Saudi Aramco to join in Zhejiang FTZ development

Saudi Aramco, the State oil company of Saudi Arabia, is the world's largest oil producer and sixth largest oil refiner, producing one eighth of the world's crude oil. 

It revealed its plan to have a stake in ZPC at the second International Petroleum and Natural Gas Enterprises Conference held in Zhoushan last October. 

The Zhejiang FTZ, located in Zhoushan, is to be built into one of the world's largest oil and chemical product bases. Since ZPC is also based in Zhoushan Saudi Aramco's investment will facilitate its oil business in the Chinese market. 

ZPC is a privately controlled mixed ownership company that was established in June 2015. Its refining-chemical integration project for producing 40 million metric tons of petrochemicals per year is currently the largest of its kind in China being developed by a private company.