Saudi Aramco to build a large oil refinery in China

The National Oil Company of Saudi Arabia will build a large oil refinery in China.

The production capacity of the new Saudi Aramco enterprise will be 300 thousand barrels per day. The petrochemical complex will be able to produce up to 1.65 million tons of ethylene and 2 million tons of paraxylene per year. The construction of the complex will begin in the second quarter of this year, it will be put into operation in 2026. The project is being developed by a joint venture of China and Saudi Arabia.

The agreement on the establishment of the Petrochemical company Huajin Aramco was signed in early 2019 during the visit of Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud to Beijing. Saudi Aramco – 30%, Norinco – 51%, Panjin Xincheng Industrial Group – 19%.