China and Saudi Arabia Signed Contract of Liaoning RefiningProject
Recently, Liaoning Panjin Xincheng Group signed a contract with China North Industries Group and ARAMCO to establish Huajin-ARAMCO Petrochemical Joint Venture Project.
This project will establish an intensified, high-end, differentiated and world-class petrochemical industry base. Moreover, the project includes the 15,000kt/a oil refining unit, the 1,500kt/a ethylene unit and the 1,300kt/a PX unit. Besides, the investment of the project is over 10 billion dollars, and at most 70% crude oil will be provided by Saudi Arabia. The Sino-Saudi Arabia joint venture will start operation in 2024 with 35% stock shares owned by Saudi Arabia and 65% owned by China.
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