China’s privately-owned refinery Zhejiang Petroleum & Chemical Co (ZPC) signed a purchase deal with Saudi Arabian state oil producer Saudi Aramco for supply of 1.08 million tonnes, or 7.88 million barrels, of crude oil, Chinese government-backed newspaper Zhoushan Daily reported.

The deal, worth 5.3 billion yuan ($735 million), was sealed during the weekend at the 5th China International Import Expo in Shanghai.

The report did not disclose the timeframe of the purchase deal. ZPC confirmed the deal without providing any details. Saudi Aramco did not immediately respond to a Reuters request for comment.

The 800,000 barrels-per-day ZPC refinery processed a total of 26.52 million tonnes crude oil in 2021, according to the report.
Source: Reuters (Reporting by Muyu Xu, Additional reporting by Chen Aizhu; Editing by Janane Venkatraman)