A ground-breaking ceremony took place today for a major integrated refinery and petrochemical complex being developed by Huajin Aramco Petrochemical Company (HAPCO).
The joint venture between Aramco (30%), NORINCO Group (51%) and Panjin Xincheng Industrial Group (19%) is developing the complex in the city of Panjin, in China’s Liaoning Province, according to Saudi Press Agency (SPA).
On March 26, it was announced that the complex was expected to be fully operational by 2026.
Aramco is expected to supply up to 210,000 barrels per day (bpd) of crude oil feedstock to the facility.
Aramco also announced it had signed definitive agreements to acquire a 10% interest in Shenzhen-listed Rongsheng Petrochemical Co. Ltd. for RMB 24.6 billion ($3.6 billion at current exchange rates).
The partnership with Rongsheng and the HAPCO joint venture would see Aramco supply a total of 690,000 bpd of crude to high chemical conversion assets in China, in line with its strategy of converting four million bpd of crude to chemicals by 2030.
Source: Bahrain News Agency