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Saudi Aramco inks $10 bln refining, petrochemicals projects with China

Published: Updated:

State-owned Saudi Aramco has signed an agreement to form a joint venture with Chinese defense conglomerate Norinco to develop a refining and petrochemical complex in Panjin city, saying the project is worth more than $10 billion.

The partners will form a new company called Huajin Aramco Petrochemical Co. as part of a project that will include a 300,000 barrels per day (bpd) refinery with a 1.5 million metric tons per annum (mmtpa) ethylene cracker, Aramco said on Friday.

Aramco will supply up to 70 percent of the crude feedstock for the complex, which is expected to start operations in 2024.

On Friday, Saudi Arabia’s Public Investment Fund (PIF) announced that it has signed a memorandum of understanding (MoU) with China on renewable energy cooperation as part of Saudi Crown Prince Mohammed bin Salman’s visit to the country.