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Saudi Aramco withdraws from US$10 billion Chinese refinery project

 Last Update: 2022-08-12
 Source: Internet
 Author: User

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The Saudi Arabian National Petroleum Corporation (Saudi Aramco, SE: 2222) said it will suspend an agreement to build an integrated oil refining and petrochemical facility in China in order to fulfill its recent commitment to reduce capital expenditur.

Aramco did not immediately respond to a request for comme.

Earlier, it was learned from the Personnel Department that after Saudi Aramco withdrew, the petrochemical project will continue to advan.

In early August, Saudi Aramco held its first financial report conference since its listi.

Nian 2019 2 Yue 22 days, North Industries Corporation and Saudi Arabian Oil Company, Liaoning Panjin Xin Cheng Group signed a joint venture in Beijing under the witness of the Politburo Standing Committee, Vice Premier Han Zheng and Saudi Crown Prince Mohammed bin Salman Company agreeme.

The three parties to the joint venture jointly funded the establishment of a new company, Huajin Ami Petrochemical .

It was originally planned that after the establishment of the joint venture company, it would be responsible for the construction and operation of the refining and chemical integration project in Panjin City, Liaoning Provin.
The project includes 15 million tons / year oil refining, 5 million tons / year ethylene, 3 million tons / year p-xylene pla.
It is planned to start trial operation in the second half of 202

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