Saudi Aramco to construct a new petrochemical plant in China

According to media reports, Saudi Aramco and its partners in China have made the final investment decision to build a refinery and petrochemical complex in Panjin City, Liaoning province. 

The project named Huajin Aramco Petrochemical Company (HAPCO) is expected to come online in 2024, will consist of a refinery capable of processing 300,000 barrels per day and a steam cracker with an annual output of 1.5 million tons of ethylene. 

Saudi Aramco will be responsible to supply 210,000 barrels per day of crude oil to the refinery. 

The project is subjected to regulatory approval. 

Aramco owns a 35% stake in the project, while Panjin Xincheng Industrial Group owns 29%, and North Huajin Chemical Industries Group own the remaining 36%.