Saudi Arabian oil giant Aramco will invest in the development of a major integrated refinery and petrochemical complex in Northeast China.
Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group, will develop the liquids-to-chemicals complex, according to a statement from the oil giant.
The facility will be built in the city of Panjin, in China’s Liaoning Province and is expected to be operational in 2024.
Aramco will supply up to 210,000 barrels per day of crude oil feedstock to the complex. The greenfield project will include 300,000 bdp refinery capacity and petrochemical units.
Mohammed Al Qahtani, Aramco Senior Vice-President of Downstream, said: “Continued energy security remains a shared priority and this partnership represents another major milestone in our journey together, supporting China’s vision to create a modern economy grounded in innovation, ambition and sustainability. It will further support Aramco’s broader objective of becoming a global leader in liquids-to-chemicals.”
The decision, which is subject to finalization of transaction documentation, regulatory approvals and closing conditions, follows the establishment of HAPCO in December 2019 between the three partners.
Source: Zawya
