Saudi Aramco has taken the final investment decision to participate in the development of a major integrated refinery and petrochemical complex in Northeast China, local reports have said.
Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, North Huajin Chemical Industries Group Corporation, and the Panjin Xincheng Industrial Group, will reportedly develop a liquids-to-chemicals complex in the world’s second-largest economy.
Coming up in the city of Panjin in China’s Liaoning Province, it is expected to be operational by 2024.
The decision is subject to finalization of transaction documentation, regulatory approvals, and closing conditions, said the local reports.
It follows the establishment of HAPCO in December 2019 between the three partners.
The project apparently presents an opportunity for Aramco to supply up to 210,000 barrels per day of crude oil feedstock to the complex.
The facility is expected to combine a 300,000 barrels per day refinery capacity and ethylene-based steam cracker, a building block petrochemical used to manufacture thousands of everyday products.
The facility will reportedly help meet the country’s growing demand for energy and chemical products.
