14-Mar-19, Reuters
Rising Russian and US competition has pushed Saudi Aramco to find new buyers for its oil in China, encouraging a shift towards independent refiners and newcomers to the business.
%20Reuters_Ahmed%20Jadallah.jpg "Saudi Aramco shifts strategy in China to boost oil sales (c) Reuters Ahmed Jadallah")
Image: Reuters / Ahmed Jadallah
It reflects a new strategy for the Saudi Arabian oil giant after years of dealing almost exclusively with major state-owned Chinese energy firms.
But the change in tack may not offer the same returns. 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.