State-run Saudi Arabian Oil Co. (Saudi Aramco) has agreed to supply China's Huajin Chemical Industries Group with 12 million barrels of crude oil, Reuters has reported, citing unnamed sources.

 

The annual deal, which is the second of its kind between the top OPEC producer and the Chinese firm, will help bolster the Kingdom’s market share in China.

 

This year's supply to Huajin compares to an estimated 6-8 million barrels last year.

 

Russia overtook Saudi Arabia to be the top oil supplier to China for the second year in a row in 2017.

 

Huajin is a refinery and chemical complex controlled by Chinese defense conglomerate China North Industries Group Corp (Norinco).

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