Saudi Aramco shifts strategy in China to boost oil sales
By Editor - Thu Mar 14, 5:49 am
DUBAI/SINGAPORE/BEIJING (Reuters) – Rising Russian and U.S. competition has pushed Saudi Aramco to find new buyers for its oil in China, encouraging a shift toward independent refiners and newcomers to the business. It reflects a new strategy for the Saudi Arabian oil giant after years of dealing almost exclusively with major state-owned Chinese energy firms, industry sources say. Aramco’s new partners lack the scale and marketing reach of PetroChina and Sinopec Corp, the state-run firms that dominate China’s refining, petrochemical and retail fuel business, analysts say.
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