State-run oil giant Saudi Aramco says it has signed a memorandum of understanding with the China Petrochemical Corp. for the development of the multi-billion dollar Yanbu refining complex, according to the Associated Press. Aramco said in a statement it would hold a 62.5 percent equity interest in the project while Sinopec would hold the remainder should they decide to formally participate in a joint venture. ConocoPhillips pulled out of the project in April, but Aramco said it would continue. The refinery will process 400,000 barrels per day of heavy oil and is slated to be operational in 2014. Saudi Arabia and China have been boosting oil sector ties, with the Asian powerhouse''s need for energy to fuel its economy prompting it to spread its reach wide globally.