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

 Last Update: 2022-04-24
 Source: Internet
 Author: User

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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
.

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
.

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
.

Saudi Aramco will supply up to 210,000 bpd of crude for the combined unit

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
.

This partnership will further support Saudi Aramco's broader goal of becoming a global leader in crude-to-chemicals

Aramco also said the final investment decision would be subject to the finalization of transaction documents, regulatory approvals and closing conditions
.

The combined unit is expected to be operational in 2024

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 total investment of the project was originally planned to exceed 10 billion US dollars, and 15 million tons/year of oil refining, 1.

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