Skip to content Skip to Search
Skip navigation

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.

Latest articles

Saudi ride-hailing female with phone

Saudi ride-hailing enjoys prosperous summer

A busy summer for drivers has brought a 41 percent increase from the second quarter to the third in the number of trips facilitated through ride-hailing apps in Saudi Arabia. In the first nine months of the year more than 51.8 million ride-hailing trips were taken, an increase of 12 percent over last year, statistics […]

Saudi Capital Market Authority headquarters is seen in Riyadh, Saudi Arabia; the CMA has simplified rules

Saudi Arabia’s debt rule changes could increase sales

Saudi Arabia’s market regulator has simplified its sukuk and bond issuance rules in reforms that should boost debt sales by both domestic and international entities in Riyadh, a top Islamic finance expert told AGBI. The kingdom’s debt capital market had $408 billion of outstanding issuance as of June 30, up 18 percent versus a year […]

An employee at a textile factory in Istanbul; Turkstat figures show female unemployment levels for September at 12.3 percent

Development bank targets female employment in Turkey

Turkish women are to be one of the main beneficiaries of the European Bank for Reconstruction and Development’s (EBRD) latest investment strategy, through a series of initiatives to fund training, skills growth and business development in the country.  In its 2024-29 strategy, released on November 12, the European lender identified four key areas that it […]

The opening of the new Terminal A at Abu Dhabi’s Zayed International Airport last November has allowed Etihad to expand its flight options

Etihad profit soars on passenger and cargo volumes

Etihad Airways has reported a 66 percent increase in nine-month profit built on higher passenger and cargo revenue.  The Abu Dhabi carrier said profit after tax for the period reached $381 million (AED1.4 billion), up from $222 million a year earlier.  Total revenue was up 21 percent to $5 billion, which the airline said was […]