Sinopec Plans Saudi Venture

Saudi Arabian Oil Co and China Petroleum & Chemical Corp, known as Sinopec, plan to sign an agreement on Saturday for a proposed refinery at Yanbu on Saudi Arabia's Red Sea coast, according to a statement dated Jan 8.

Sinopec agreed in March to take a 37.5 percent stake in Aramco's planned 400,000 barrel-a-day fuel-processing plant in Yanbu. The signing ceremony will coincide with a visit by Premier Wen Jiabao to Saudi Arabia, the United Arab Emirates and Qatar from Jan 14 to 19.