CHINA Petrochemical Corp, or Sinopec Group, said yesterday it has signed a memorandum of understanding with Saudi Aramco to jointly build a world-class, full-conversion refinery in Yanbu on the west coast of Saudi Arabia.

Under the MOU, the two firms initially agreed that Saudi Aramco will own 62.5 percent and Sinopec 37.5 percent if the joint venture is set up.

The investment in the refinery plant is not immediately known. The plant is expected to start commercial operations in 2014, according to plans.

Su Shulin, Sinopec's general manager, said the joint venture would deepen the strategic partnership between them.