SINGAPORE, March 27 (Reuters) - Saudi Aramco and its Chinese partners aim to start full operations at a
refinery and petrochemical project in northeast China in 2026 to
meet the country's growing demand for fuel and petrochemicals,
the state-owned major said on Sunday.
The project in Liaoning's Panjin city, expected to cost $10
billion, will be Aramco's second major refining-petrochemical
investment in China.
Joint venture Huajin Aramco Petrochemical Company (HAPCO)
will build and operate the complex that will house a 300,000
barrels per day (bpd) refinery and a cracker with annual
production capacity of 1.65 million tonnes of ethylene and 2
million tonnes of paraxylene, Aramco said in a statement.
Construction at the complex will start in the second quarter
after the project secures the required administrative approvals,
Aramco said. The plant is expected to be fully operational by
2026, it added.
Aramco will supply up to 210,000 bpd of crude oil as
feedstock for the plant.
State-owned NORINCO Group, a Chinese military equipment
maker, owns 51% of HAPCO while Aramco and Panjin Xincheng
Industrial Group hold stakes of 30% and 19%, respectively.
(Reporting by Florence Tan; Editing by Sonali Paul)
florence.tan.thomsonreuters.com@reuters.net))
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