August 22, 2008

Aramco to double crude supply to China by 2010

It is reported that Saudi Aramco is aiming to double its crude oil supply to China by 2010 from about 500,000 barrels a day in 2007.

Mr Mohammed al Madi VP of Saudi Petroleum said that Aramco has signed an agreement with China Petrochemical Corporation to sell 1 million barrels of crude a day by 2010.

Saudi Arabia accounted for 8.2 million tonnes, equivalent to 650,000 barrels a day or 18% of China's crude imports of 45.5 million tonnes in the first quarter of 2008.

Saudi Arabia will increase its output capacity to 12.5 million barrels a day by 2009. It produced 9.2 million barrels a day in March 2008. Saudi's new Khursaniyah field on the east coast has started and will eventually pump 500,000 barrels a day.