RIYADH: Saudi oil giant,Aramco,made the final investment decision to participate in a major integrated refinery and petrochemical complex inNortheast China.
The greenfield project includes 300,000 barrels per day refinery capacity and petrochemical units,according to a statement.
To be built in the city of Panjin in China’s Liaoning Province, the facility will help meet the country’s growing demand for energy and chemical products.
FASTFACT
Start date
Plant expected to start operation in 2024, with Aramco supplying up to 210,000 bpd of crude oil feedstock
HuajinAramcoPetrochemical Co.,a joint venture between Aramco,North HuajinChemical Industries Group Corp.and Panjin Xincheng Industrial Group, will develop the liquids-to-chemicals complex.
Expected to start operation in 2024, Aramco will supply up to 210,000 bpd of crude oil feedstock to the complex, it said in a statement.
“China is a cornerstone of our downstream expansion strategy in Asia and an increasingly significant driver of global chemical demand,” Aramco’s senior vice president of downstream said.
“Continued energy security remains a shared priority, and this partnership represents another major milestone in our journey together,” Mohammed Al Qahtani added.
