Oil Economy Focus Rapid Review
Saudi Aramco has signed a $10-billion agreement to form a joint venture with Norinco, and Panjin Sincen to develop a fully integrated, grassroots refining and petrochemical complex in Panjin in Liaoning province. This is the largest Sino-foreign JV to date, and the partners will create a new company, Huajin Aramco Petrochemical Co. Ltd, as part of a project that will include a 300,000-b/d refinery as well as a 1.5 million-tonne/year ethylene cracker and 1.3 million-tpy paraxylene unit. Aramco will hold 35% interest in the newly formed company while Norinco and Panjin will hold the remaining 36% and 29% interest, respectively. The new complex is scheduled for commercial startup sometime in 2024.
LINK TO THE SOURCE ARTICLE: Aramco: Energy security and growth for northeast China
