Saudi Aramco and China North Industries Corp (Norinco) and Panjin Xincheng Industrial Group has signed a joint venture for building a world class refinery and petrochemical project. The project will significantly expand Saudi Aramco's footprint in China's downstream industry, considering the paramount importance of the Chinese economy for Saudi and Saudi Aramco's future investments, said Aramco.
"It will also enhance the competitiveness of Norinco's petrochemical and value-added chemical divisions and promote the overall economic revitalization in Liaoning and Panjin," it added, without providing specific details on the project. The project will include 3,00,000 barrel/day refinery and 1 mln tone/year capacity of Ethylene which will incur cost of around 10 billion dollar.
