Aramco signs a $12.2 billion deal to build a petrochemical complex in China.


Aramco signs a $12.2 billion deal to build a petrochemical complex in China .Aramco increased its profits saudi Aramco signed an agreement with Chinese partners to build an oil refinery and petrochemical complex in northeastern China. The project is expected to open in 2026, to meet the country's growing demand for fuel and petrochemicals.

Aramco signs a $12.2 billion deal to build a petrochemical complex in China.

The project, located in Panjin City, Liaoning Province, will be Aramco's second largest investment in the refining and petrochemical field in China.

It comes after the company, the world's largest oil exporter, announced record profits in 2022 amounting to $161 billion.

State-owned Aramco said in a statement that Aramco Huajin Petrochemical Company, a joint venture, will build and operate the project, which includes a refinery with a production capacity of 300,000 barrels per day and a petrochemical plant with an annual production capacity of 1.65 million metric tons of ethylene and 2 million metric tons of paraxylene.

Panjin Industrial Group, a partner in the project, said in a statement on Sunday that the project is expected to cost 83.7 billion yuan ($12.2 billion).

Aramco sign a $12.2 billion deal to build a petrochemical complex in China.

Aramco said construction work on the complex will begin in the second quarter after the project receives the required administrative approvals.