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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
.
