- Greenfield project to include 300,000 bpd refinery capacity and petrochemical units
   - Integrated refining and petrochemical complex expected to commence operations in 2024
   - New complex to be located in Panjin City, in China’s Liaoning Province

Aramco has taken the final investment decision to participate in the development of a major integrated refinery and petrochemical complex in Northeast China. Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group, will develop the liquids-to-chemicals complex.

The decision, which is subject to finalization of transaction documentation, regulatory approvals and closing conditions, follows the establishment of HAPCO in December 2019 between the three partners. The project, which presents an opportunity for Aramco to supply up to 210,000 barrels per day of crude oil feedstock to the complex, is expected to be operational in 2024.

It will combine a 300,000 barrels per day refinery capacity and ethylene-based steam cracker, a building block petrochemical used to manufacture thousands of everyday products.

The facility, which will be built in the city of Panjin, in China’s Liaoning Province, will help meet the country’s growing demand for energy and chemical products.

Mohammed Al Qahtani, Aramco Senior Vice-President of Downstream, said: “China is a cornerstone of our downstream expansion strategy in Asia and an increasingly significant driver of global chemical demand. Continued energy security remains a shared priority and this partnership represents another major milestone in our journey together, supporting China’s vision to create a modern economy grounded in innovation, ambition and sustainability. It will further support Aramco’s broader objective of becoming a global leader in liquids-to-chemicals.”

About Aramco

Aramco is a global integrated energy and chemicals company driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, sustainable and useful, promoting stability and long-term growth around the world.