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DUBAI, May 16 (Reuters) - Saudi Arabia's state-run oil company Saudi Aramco (IPO-ARMO.SE) said on Tuesday it had signed a joint development agreement with Chinese defence conglomerate China North Industries Group Corp (Norinco) for a refining, petrochemical and retail project.
The project will be in Panjin, in northeast China's Liaoning province, the statement said. Reuters reported earlier on Tuesday that the companies plan to build a refinery and chemical complex worth up to $10 billion.
"The project will significantly expand Saudi Aramco's footprint in China's downstream industry considering the paramount importance of the Chinese economy for Saudi and Saudi Aramco's future investments," the statement said. (Reporting by Sylvia Westall; editing by David Clarke)