Saudi Arabia's Aramco Suspends $10 Billion Refinery Complex Project In China's Liaoning Province

In a big development, Saudi Arabia's state oil behemoth Aramco has suspended a deal to build a $10 billion refining and petrochemicals complex in China's northeastern province of Liaoning, reports Economic Times.

The refinery was supposed to be built by Aramco in partnership with China North Industries Group Corporation (Norinco) and Panjin Sincen. However, the fate of the refinery now hangs in the balance as Aramco is planning to cut down spending in a bid to cope with losses being incurred due to the low prices of oil.

Aramco is said to be planning to cut its capital spending in a bid to maintain a $75 billion dividend amid the low crude oil prices and rising debt.