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Sinopec plans to jointly build its first overseas refinery with daily capacity of 400,000 barrels at Saudi Arabia's Red Sea port of Yanbu with Saudi Aramco, reports 163.com, citing foreign media reports.

According to the report, Premier Wen is scheduled to visit Saudi Arabia, United Arab Emirates and Qatar during the January 14-19 period, and a final agreement is expected to be signed during the visit.

The report added that Saudi Aramco will have a 62.5 percent stake in the joint venture, while the remaining shares will be held by Sinopec.

The project was initially developed by Saudi Aramco and ConocoPhillips, which quit the venture in April 2010.

Saudi Arabia accounted for 45 percent of China's crude oil imports in 2011.