It is reported that Sinopec plans to jointly build its first overseas refinery with daily capacity of 400,000 barrels at Saudi Arabia's Red Sea port of Yanbu with Saudi Aramco.

According to the report, Premier Mr Wen is scheduled to visit Saudi Arabia, United Arab Emirates and Qatar during the January 14 to 19 periods and a final agreement is expected to be signed during the visit.

The report added that Saudi Aramco will have a 62.5% stake in the joint venture while the remaining shares will be held by Sinopec.

The project was initially developed by Saudi Aramco and ConocoPhillips, which quit the venture in April 2010.

(Sourced from 163.com)