Aramco to help develop petrochemical complex in China

Saudi Arabia’s Aramco has taken the final investment decision to participate in the development of a integrated refinery and petrochemical complex in Northeast China.

Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group, will develop the liquids-to-chemicals complex.

Mohammed Al Qahtani, Aramco Senior Vice-President of Downstream, said in a press statement: “China is a cornerstone of our downstream expansion strategy in Asia and an increasingly significant driver of global chemical demand. Continued energy security remains a shared priority and this partnership represents another major milestone in our journey together, supporting China’s vision to create a modern economy grounded in innovation, ambition and sustainability. It will further support Aramco’s broader objective of becoming a global leader in liquids-to-chemicals.”

According to Aramco the project will allow it to supply up to 210,000 barrels per day of crude oil feedstock to the complex and it is expected to be operational in 2024.