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Aramco to begin work on $10bn China refinery complex in Q2

Aramco
Saudi and Chinese company executives at the signing ceremony of the new petrochemical complex in Panjin city

Saudi Aramco intends to construct a $10 billion integrated refinery and petrochemical complex in northeast China in the second quarter of 2023, it announced on Sunday.

The Huajin Aramco Petrochemical Company (Hapco) joint venture is developing the complex, which will combine a 300,000 barrels per day (bpd) refinery and a petrochemical plant with an annual production capacity of 1.65 million metric tons of ethylene and 2 million metric tons of paraxylene.

Aramco owns 30 percent of the joint venture, while Chinese firms Norinco Group and Panjin Xincheng Industrial Group hold 51 percent and 19 percent, respectively, the Saudi-listed company said in a statement.

The project is expected to be fully operational by 2026.

Aramco will supply up to 210,000 bpd of crude oil feedstock to the complex in Panjin, Liaoning province.

Mohammed Y. Al Qahtani, executive vice president of downstream, Aramco, said: “This important project will support China’s growing demand across fuel and chemical products. It also represents a major milestone in our ongoing downstream expansion strategy in China and the wider region, which is an increasingly significant driver of global petrochemical demand.“

In February 2019, Aramco signed an agreement to form a joint venture with Norinco and Panjin Sincen to develop a fully integrated refining and petrochemical complex in Panjin at the cost of $10 billion. The expected date of operation was then stated was 2024.

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