In a major development, Saudi Arabia’s state oil company Aramco has announced to suspend the deal to set up a $10 billion refining and petrochemicals complex in China.
The refinery was supposed to be built by the world’s largest oil company in partnership with China North Industries Group Corporation and Panjin Sincen.
However, the refinery’s fate now hangs in the balance as the Saudi Arabian multinational petroleum and natural gas company is planning to cut down spending in an attempt to cope with losses being incurred thanks to the low prices of oil.
The world’s largest oil company’s quarterly earnings plunged more than 73% compared to a year ago, as the Coronavirus-triggered lockdowns drastically cut the demand for oil as the world continues to battle the coronavirus pandemic.
