DHAHRAN, Saudi Arabia, March 27, 2023 /PRNewswire/ — Aramco and joint venture partners NORINCO Group and Panjin Xincheng Industrial Group plan to break ground on a large integrated refinery and petrochemical complex in northeast China.
Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco (30%), NORINCO Group (51%) and Panjin Xincheng Industrial Group (19%), is developing the complex that will combine a 300,000 barrel per day refinery and petrochemical plant with an annual production capacity of 1.65 million metric tons of ethylene and 2 million metric tons of paraxylene.
Construction is scheduled to begin in the second quarter of 2023, after the project has obtained the necessary administrative approvals. It is expected to be fully operational in 2026.
Aramco will supply up to 210,000 bpd of crude to the complex, which is being built in the city of Panjin, in China’s Liaoning province.
Mohammed Y. Al Qahtani, Aramco Executive Vice President of Downstream, stated: “This major project will support China’s growing demand for fuels and chemicals. It also represents an important milestone in our expansion strategy in China and the region, which is a increasingly important driver of global petrochemical demand.”
Zou Wenchao, Deputy General Manager of NORINCO Group, said, “This large-scale refinery and petrochemical complex is a key project of NORINCO Group to implement and jointly develop the high-quality “Belt and Road” initiative, promote restructuring industrial industry and enhance the oil and petrochemical sector to become stronger, better and bigger. It will play an important role in deepening China-Saudi Arabia economic and trade cooperation, and achieving common development and prosperity.”
Jia Fei, Chairman of the Board of Panjin Xincheng, said, “The project is of great significance for Panjin to promote the growth of chemical and specialty products, strengthening the integration of the chemical and refining industry. It is a symbolic project for Panjin , since it intends to accelerate the development of an important national base of the petrochemical and fine chemical industry.”
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