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Saudi Aramco denies suspension of $10 billion Sinopec project

 Last Update: 2022-08-24
 Source: Internet
 Author: User

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Saudi Aramco reiterated its commitment to Chinese investment, Arabnews reported on August 24

Bloomberg reported last week that the Saudi oil giant decided to stop investing in petrochemical projects in China's Liaoning province

But Saudi Aramco issued a statement saying: "Bloomberg News reports that the suspension of Aramco's joint venture with NORINCO .
.
.
is inaccurate

It added: "China remains an important market for Aramco and we intend to continue to expand our business in the region

China, the world's largest commodity trader and recovering faster than most from the coronavirus pandemic, is a top priority for Aramco, not just crude oil exports but also Liaoning, energy analysts said.
of large downstream facility projects

Bloomberg, which published the Aramco statement, declined to comment further on the matter

According to the data, on February 22, 2019, Saudi Aramco signed a cooperation agreement with China North Industries Group Corporation and Liaoning Panjin Xincheng Group to develop a refining and chemical complex in Panjin City, Liaoning Province

The partners will jointly build an intensive, high-end and differentiated world-class petrochemical industry base, and launch 15 million tons/year oil refining, 1.
5 million tons/year ethylene and 1.
3 million tons/year paraxylene units

On March 23, the founding meeting and unveiling ceremony of Huajin Amei Petrochemical Co.
, Ltd.
was held in Panjin City
.

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