Saudi Aramco to build China facility
DUBAI, May 17, 2017 – An agreement was signed for the construction of a refinery and petrochemicals complex in Panjin, China, between Saudi Aramco and China North Industries Group, the Chinese defence conglomerate announced on Tuesday.
The facility will be able to process 300,000 bopd and will also have a 1-milllion-tpy ethylene cracker. Although the amount of investment was not mentioned, the complex was estimated to cost USD 13 billion (CYR 92.4 billion) when the province of Liaoning approved the project in 2015. Construction of the asset is expected to take three years.
The move is part of Saudi Aramco’s drive to fix sources for its oil production as the market is flooded with shale oil production from USA.