Saudi Aramco has signed an agreement to form a joint venture with Chinese conglomerate Norinco to develop a refining and petrochemical complex in Panjin city, saying the project is worth more than $10 billion. Aramco and Norinco, along with Panjin Sincen, will form a new company called Huajin Aramco Petrochemical Co as part of a project that will include 300,000 barrels per day (bpd) refinery with a 1.5 million metric tonnes per annum (mmtpa) ethylene cracker, Aramco said on Friday. The deal was signed during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing as a part of an Asia tour. Aramco will hold 35 percent of the new company, with Norinco and Panjin Sincen owning 36 percent and 29 percent respectively, the statement said.
