Saudi Aramco and its Chinese partners said they aim to open a project that includes an integrated refinery and petrochemical complex in northeastern China in 2026 to meet the country’s growing demand for fuel and petrochemicals.
The project, which is located in Panjin City, Liaoning Province, is expected to cost $10 billion and will be Aramco’s second largest investment in China’s refining and petrochemicals field, reports Al-Rai daily.
Aramco said in a statement that Aramco Huajin Petrochemical Company, a joint venture between Saudi Aramco, Norinco Group and Panjin Industrial Group, is working on developing the Greenfield complex project, which will include a refinery with a production capacity of 300,000 barrels per day and a petrochemical plant with an annual production capacity of 1.65 million metric tons. of ethylene and 2 million metric tons of paraxylene.
Aramco added that construction work on the complex will begin in the second quarter of this year, after the project obtains the required administrative approvals. She added that the complex is expected to start operating at full capacity by 2026.
Aramco will supply up to 210,000 barrels per day of crude oil as raw materials for the project.