Saudi oil investment in China

Saudi Aramco, the national oil company of Saudi Arabia, announced that it will begin operations by building a refinery and petrochemical plant in China.

According to a written statement from Saudi Aramco, a joint venture has been launched with Chinese companies Norinco and Panjin.

Saudi Aramco will own 30 percent of the joint venture, Norinco 51 percent and Panjin 19 percent.

OPETROL REFINERY AND PETROCHEMICAL PLANT

With the joint venture of the companies, an oil refinery with a production capacity of 300,000 barrels per day will be built, as well as a petrochemical plant with an annual production capacity of 1.65 million tons of ethylene and 2 million tons of paraxylene.

Once the project has received the necessary approvals, construction is anticipated to begin after April 2023; The refinery and petrochemical facilities are expected to be operational by 2026. (BRITISH AUTOMOBILE CLUB)