Saudi Aramco sets up subsidiary in Beijing (2)

"Our new Asia office here in Beijing will be a hub for facilitating our joint activities and other business opportunities in Saudi Arabia and Asia," Abdulrahman F. Al-Wuhaib, Saudi Aramco senior vice president in charge of downstream business, said at the inauguration ceremony.

Aramco Asia currently holds interests in two joint ventures in China -- Fujian Refining and Petrochemical Company and Sinopec Senmei Petroleum Company Ltd, both located in southeastern Fujian province.

China is the world's second-largest consumer of crude oil, while Saudi Arabia is China's biggest supplier.

Saudi Aramco manages the largest proven reserves of conventional crude oil, estimated at 259.1 billion barrels.

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