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

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

“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 Mohammed Y Al Qahtani, Aramco executive vice president of downstream.

“This large-scale refinery and petrochemical complex is a key project of Norinco Group to implement and realise the joint development of the high-quality Belt and Road initiative, promote industrial restructuring, and enhance the oil and petrochemical sector to become stronger, better, and larger. It will play an important role in deepening economic and trade cooperation between China and Saudi Arabia, and achieving common development and prosperity,” said Zou Wenchao, Norinco Group deputy general manager.

“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,” said Jia Fei, Panjin Xincheng chairman of the board.

Fibre2Fashion News Desk (NB)