Saudi Aramco agrees to $10 billion joint venture deal in China
Baku, February 22, AZERTAC
Saudi Aramco signed on Friday an agreement to form a $10 billion joint venture with NORINCO Group and Panjin Sincen to develop a fully integrated refining and petrochemical complex, located in the city of Panjin in the Liaoning province of China, according to Arab News.
The partners will create a new company, Huajin Aramco Petrocemical Co. Ltd., as part of a project that will include a 300,000 barrel per day refinery with a 1.5 million metric tons 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.
Saudi Aramco will hold 35 percent of the new company, the biggest joint foreign project in China, with Norinco and Panjin Sincen owning 36 percent and 29 percent, respectively.
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