Saudi Aramco, NORINCO Group and Panjin Sincen have signed an JV agreement to develop a fully integrated refining and petrochemical complex, located in the city of Panjin in the Liaoning province of China.
The partners will create a new company, Huajin Aramco Petrochemical Co. Ltd., as part of a project that will include a 300 thousand barrel per day refinery with a 1.5 million metric tonnes per annum (mmtpa) ethylene cracker and a 1.3 mmtpa PX unit. Saudi Aramco will supply up to 70 percent of the crude feedstock for the complex, which is expected to start operations in 2024.
There are additional plans to establish a fuels retail business, which will further integrate into the value chain. By the end of 2019, a three-party Marketing JV Company is expected to be formed between Saudi Aramco, North Huajin and Liaoning Transportation Construction Investment Group Co., Ltd. to develop a retail fuel stations network in the target markets.
For more information visit www.saudiaramco.com