RIYADH: Saudi oil giant Aramco has made the final decision to invest in a major integrated refining and petrochemical complex in northeast China.
The greenfield project includes refining capacity of 300,000 barrels per day and petrochemical units, according to a statement.
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.
Huajin Aramco Petrochemical Co., a joint venture between Aramco, North Huajin Chemical Industries Group Corp. and Panjin Xincheng Industrial Group, will develop the liquid-to-chemical complex.
Scheduled to enter service 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 important driver of global demand for chemicals,” said Aramco’s senior vice president of downstream.
“Continued energy security remains a shared priority, and this partnership represents another major step in our journey together,” added Mohammed Al Qahtani.