Saudi Aramco finalizes investment decision: will develop large-scale refining and chemical integration projects in China

Saudi Aramco announced on March 10 that it has made a final investment decision and will participate in the development of a large-scale integrated refining and chemical complex in the Northeast region
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Saudi Aramco, China North Industries Group Corporation, and Liaoning Panjin Xincheng Group jointly established Huajin Aramco Petrochemical Company in December 2019.
The joint venture will develop a crude oil-to-chemicals complex
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The combined unit, located in Panjin, Liaoning Province, China, includes a crude oil processing capacity of 300,000 barrels per day and an ethylene steam cracker, which is expected to start operations in 2024
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Saudi Aramco said that China is the cornerstone of its Asian downstream expansion strategy and an important driver of global chemical demand, and its importance is growing day by day
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Aramco also said the final investment decision would be subject to the finalization of transaction documents, regulatory approvals and closing conditions
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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
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