Saudi state oil company Saudi Aramco is suspending an investment in a refinery and petrochemical plant in China. The company wants to reduce its investment to cope with the low price of oil, say initiates against Bloomberg press office. The market outlook is still too uncertain.
The construction of the complex in the northeast Liaoning involved 10 billion dollars. Saudi Aramco has decided to postpone it after consultation with his Chinese partners.
The COVID crisis and the fall in oil demand also put oil prices under pressure. As a result, the potential returns and underlying calculations for oil and gas companies have also changed in the relation of investments.