Saudi Aramco, Panjin Xicheng Industrial Group have signed an agreement for an US$12.2 billion-oil refinery and petrochemical project in northeast China.
The project is expected to start in 2026 in Liaoning province’s city of Panjin to meet the Gulf country’s growing demand for fuel and chemicals.
The world’s top oil exporter reported a record profit of US$161 billion in 2022.
Joint venture Huajin Aramco Petrochemical Company (HAPCO) will set up and operate the complex that will cover a 300,000 barrels per day (bpd) oil refinery and a cracker with annual production capacity of 1.65 million tonnes of ethylene and 2 million tonnes of paraxylene, Aramco said in a statement.
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