Saudi Arabian Oil Co (Saudi Aramco) has decided to stop investing in a refinery facility in China’s Northeastern province of Liaoning after negotiations with its Chinese partners.

Saudi Arabia’s state oil company has suspended a deal to build a $10 billion refining and petrochemicals complex in China, as the company slashes spending to cope with low oil prices.

The uncertain market outlook is said to be behind the decision.

Aramco declined to comment. China North Industries Group Corp., or Norinco, one of the partners, also declined to comment.

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24th August 2020