Saudi Aramco said on Thursday its joint venture in China will develop a major integrated refinery and petrochemical complex in the northeast of the country.
The project, expected to be operational in 2024, combines a 300,000 barrel-per-day capacity refinery and ethylene-based steam cracker, with Aramco set to supply up to 210,000 barrels a day of crude oil feedstock.
Huajin Aramco Petrochemical Company (HAPCO) is a joint venture between Aramco and North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group.
Aramco Senior Vice-President of Downstream Mohammed Al Qahtani said: “China is a cornerstone of our downstream expansion strategy in Asia and an increasingly significant driver of global chemical demand.”
“Continued energy security remains a shared priority and this partnership represents another major milestone in our journey together, supporting China’s vision to create a modern economy grounded in innovation, ambition and sustainability. It will further support Aramco’s broader objective of becoming a global leader in liquids-to-chemicals.”
