Aramco outlines plans for joint venture in China

Saudi Aramco said on Thursday its joint venture in China will develop a major integrated refinery and petrochemical complex in the city of Panjin, in northeastern Liaoning province.

The project, expected to be operational in 2024, combines a 300,000 barrel-per-day capacity refinery and an ethylene-based steam cracker, with Aramco set to supply up to 210,000 barrels a day of crude oil feedstock.

A Saudi Aramco spokesperson said: “China is a cornerstone of our downstream expansion strategy in Asia and an increasingly significant driver of global chemical demand.”

Huajin Aramco Petrochemical Company (HAPCO) is a joint venture between Saudi oil giant Aramco, and China’s North Huajin Chemical Industries and Panjin Xincheng Industrial. (Reuters)