Saudi Aramco has signed an agreement with Chinese partners for an oil refinery and petrochemical project in northeast China expected to start in 2026 to meet the country’s growing demand for fuel and chemicals.
Joint venture Huajin Aramco Petrochemical Company (HAPCO) will build and operate the complex which will house a 300,000 barrels per day (bpd) oil refinery and a cracker with an annual production capacity of 1.65 million tonnes of ethylene and 2 million tonnes of paraxylene.
The project is expected to cost $12.2 billion (€11.3 million).
Construction at the complex will start in the second quarter after the project secures the required administrative approvals. The plant is expected to be fully operational by 2026.
Aramco will supply up to 210,000 bpd of crude oil as feedstock for the plant.
