Aramco JV HAPCO to Commence Construction of Major Refinery, Petrochemical Complex in China

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
TT

Aramco JV HAPCO to Commence Construction of Major Refinery, Petrochemical Complex in China

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

Saudi Aramco and joint venture partners NORINCO Group and Panjin Xincheng Industrial Group plan to start construction of a major integrated refinery and petrochemical complex in northeast China, Aramco said in a statement on Sunday.

Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco (30%), NORINCO Group (51%) and Panjin Xincheng Industrial Group (19%), is developing the complex that will combine a 300,000 barrels per day refinery and a petrochemical plant with annual production capacity of 1.65 million metric tons of ethylene and 2 million metric tons of paraxylene, said the statement.

Construction is due to start in the second quarter of 2023 after the project secured the required administrative approvals. It is expected to be fully operational by 2026.

Aramco will supply up to 210,000 bpd of crude oil feedstock to the complex, which is being built in the city of Panjin, in China’s Liaoning province, the statement added.

“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,” said Aramco Executive Vice President of Downstream Mohammed Y. Al Qahtani.

NORINCO Deputy General Manager Zou Wenchao said the complex is a key project of the Group to implement the joint development of the high-quality Belt and Road initiative, promote industrial restructuring, and enhance the oil and petrochemical sector to become stronger.

“It will play an important role in deepening economic and trade cooperation between China and Saudi Arabia, and achieving common development and prosperity.”

As for Panjin Xincheng Chairman of the Board Jia Fei, he said: "The project is of great significance for Panjin to promote increasing chemicals and specialty products, strengthening integration of the refining and chemical industry.”

“It is a symbolic project for Panjin as it seeks to accelerate the development of an important national petrochemical and fine chemical industry base,” the chairman of the board added.



Italy, Albania, UAE Sign Deal for Energy Subsea Interconnection

People visit the World Future Energy Summit 2025 (WFES) in Abu Dhabi, United Arab Emirates, 14 January 2025.  EPA/ALI HAIDER
People visit the World Future Energy Summit 2025 (WFES) in Abu Dhabi, United Arab Emirates, 14 January 2025. EPA/ALI HAIDER
TT

Italy, Albania, UAE Sign Deal for Energy Subsea Interconnection

People visit the World Future Energy Summit 2025 (WFES) in Abu Dhabi, United Arab Emirates, 14 January 2025.  EPA/ALI HAIDER
People visit the World Future Energy Summit 2025 (WFES) in Abu Dhabi, United Arab Emirates, 14 January 2025. EPA/ALI HAIDER

Italy, Albania and the United Arab Emirates signed on Wednesday a deal worth at least 1 billion euros ($1 billion) to build a subsea interconnection for renewable energy across the Adriatic Sea.

"We strongly believe in this project involving our three governments, as well as our private sector and grid operators," Italian Prime Minister Giorgia Meloni said as she announced the deal at the World Future Energy Summit in Abu Dhabi.

The three-way partnership, which aims to produce green power in Albania and export it to Italy through underwater cables, will involve Italian grid operator Terna and UAE's National Energy Company (Taqa), Albanian Prime Minister Edi Rama said.

The Albanian premier added that the infrastructure would connect the Albanian port of Vlore to the southern Italian region of Puglia, the narrowest point between the two countries, and was expected to be operational within a maximum of three years.