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RIYADH: Saudi oil giant, Aramco, made the final investment decision to participate in a major integrated refinery and petrochemical complex in Northeast China.
The greenfield project includes 300,000 barrels per day refinery capacity and petrochemical units, according to a statement.
To be built in the city of Panjin in China’s Liaoning Province, the facility will help meet the country’s growing demand for energy and chemical products.
Huajin Aramco Petrochemical Co., a joint venture between Aramco, North Huajin Chemical Industries Group Corp. and Panjin Xincheng Industrial Group, will develop the liquids-to-chemicals complex.
Expected to start operation in 2024, Aramco will supply up to 210,000 bpd of crude oil feedstock to the complex, it said in a statement.
“China is a cornerstone of our downstream expansion strategy in Asia and an increasingly significant driver of global chemical demand,” Aramco’s senior vice president of downstream said.
“Continued energy security remains a shared priority, and this partnership represents another major milestone in our journey together,” Mohammed Al Qahtani added.
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