Saudi Aramco has signed an agreement with Chinese partners to build an oil refinery and petrochemical complex in northeastern China, expected to open in 2026 to meet the country's increasing demand for fuel and petrochemicals.
In this context, Aramco confirmed that construction work on the complex will begin in the second quarter after obtaining the necessary administrative approvals. It added that it will build and operate this joint venture, which includes a refinery with a production capacity of 300,000 barrels per day 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 Chinese state-owned Norinco Group holds a 51% stake in Aramco Huajin, while Aramco and the Pangang Group hold stakes of 30% and 19%, respectively.
It is noteworthy that Aramco signed a memorandum of understanding with China yesterday, Sunday, to explore cooperation opportunities in sectors including energy, finance, research, and innovation.
