Saudi Aramco Signs Agreement to Create China's Largest Foreign Joint Venture

Saudi Aramco has signed an agreement with the Chinese companies Norinco and Bangin Sinesen for the development of the Huajin Integrated Refining and Petrochemical Project in Panjin City, Liaoning Province.

The agreement provides for the creation of a new company, Aramco Hawajin Petrochemicals, comprising a refinery of 300,000 barrels per day, an ethylene-cracker with a production capacity of 1.5 million tonnes per year and a parazylene unit. with a production capacity of 1.3 million tonnes per year.

Aramco, which is expected to be operational in 2024, will supply up to 70% of its raw material, which is used in factories and laboratories, whether for industry or for fuel.

Aramco owns 35% of the new project, Norinco 36% and Panjin 29%. The Saudi company said the total value of the project was more than 37.5 billion riyals (about $ 10 billion), making it the largest foreign joint venture in China.

Aramco Chairman Amin Hassan said of the signing of the agreement: "This agreement is timely and China is a leading economic engine and a major and growing One of the largest and most important global markets for Saudi Arabia, but also as a prime location for investment in refineries and chemicals, this agreement is considered one of the most significant foreign investment. "

(USD = 3.75 USD)

Source: "economic"