Saudi Aramco’s $10 Billion Refinery Megaproject: Everything You Need to Know
04.07.2023 By - NEWS

April 7, 2023 [Oil&Gas] – Saudi Aramco’s joint venture Huajin Aramco Petrochemical Co (HAPCO) earlier this week broke ground on a $10 billion integrated refinery and petrochemical complex in Panjin city in China’s Liaoning Province.


HAPCO is a joint venture between Aramco (30%), NORINCO Group (51%) and Panjin Xincheng Industrial Group (19%).

Aramco announced earlier that the complex was expected to be fully operational by 2026. The Saudi firm will likely supply up to 210,000 barrels per day (bpd) of crude oil feedstock to the facility.

The complex will combine a 300,000 barrels per day refinery and a petrochemical plant with annual production capacity of 1.65 million metric tons of ethylene and 2 million metric tons of paraxylene.

In another major announcement, Saudi Aramco signed agreements to acquire a 10% stake in Shenzhen-listed Rongsheng Petrochemical Co. for $3.6 billion, fortifying its presence in China’s downstream sector.

NORINCO Group’s general manager said that the project will play an important role in “deepening economic and trade cooperation between China and Saudi Arabia, and achieving common development and prosperity.”

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Colonial Terminals Announces Acquisition of Buckeye’s Wilmington, NC Terminals
12.04.2023 - NEWS
9790December 4, 2023 [Savannah Community Headlines]- On December 1, 2023, Colonial Terminals, Inc... Read More
Investors flock to US Natural Gas ETF Despite Price Slump
12.04.2023 - NEWS
December 4, 2023 [Reuters]- Investors have been piling into an exchange-traded fund (ETF) designe... Read More
Dutch Fund Keeps Shell, BP in Portfolio as it Dumps 40 Other Oil Firms
12.04.2023 - NEWS
December 4, 2023 [Oil Price]- Dutch pension fund Pensioenfonds Metaal & Techniek (PMT) is div... Read More
Oman Announces Plans for Common Infrastructure for Green Hydrogen Liquefaction and Export
12.04.2023 - NEWS
December 4, 2023 [Zawya]- The Government of Oman, Hydrogen Oman (Hydrom), Port of Amsterdam, Zeni... Read More