Saudi Aramco signed a memorandum of understanding (MoU) with China's Zhejiang Free Trade Zone to expand downstream investment. Together with prior agreements signed in China this past February, the MoU facilitates Aramco's planned purchase of a 9% stake in the Zhejiang integrated refinery and petrochemical complex. The MoU also includes a long-term crude oil supply agreement and the ability to utilize Zhejiang Petrochemical's large crude oil storage facility to serve its customers in Asia. Zhejiang's integrated refinery and petrochemical complex, under development in Zhoushan, China, will include a 400 kbpd refinery, a 1.4-mta ethylene cracker and a 5.2-mta aromatics unit in the first phase. In the second phase, the refinery will be expanded by an additional 400 kbpd and will include deeper chemical integration than the first phase. The latest MoU will also allow the parties to evaluate potential opportunities for investment in other parts of the value chain.