News // petrochemistry
Saudi Aramco and Norinco launch $10 bln major China project
17 May 2017 , 12:14Neftegaz.RU234
Saudi Aramco reported on May 16, 2017, that the company, China North Industries Corporation (Norinco) and Panjin Xincheng Industrial Group, have signed the joint development agreement and held a groundbreaking ceremony for the Saudi Aramco-Norinco- Refining, Petrochemical and Retail Project in Panjin, in northeast China’s Liaoning province.
The idea for this project received a major boost during the visit by King Salman Bin Abdulaziz to China in March 2017, when Saudi Aramco and Norinco signed the project memorandum of understanding (MoU).
Khalid Al-Falih, Minister of Energy attended the ceremony where Saudi Aramco and Norinco signed an agreement to pave the way for a joint development agreement to build a refining, chemicals, and retail network in Panjin.
The project is a key element in China’s petrochemical industry forward planning and the revitalisation drive for the old industrial base in northeast China.
It is a major project in Norinco’s drive to develop the industrial value chain, facilitating overseas oil exploration and trade, as well as growth in the petrochemical, final chemicals and specialty chemical sectors.
Having completed the environmental impact assessment and won 23 project supporting documents in less than 3 years, the project obtained final approval from Liaoning Provincial Development and Reform Commission.
The goal of the project is to build a world-class refining and chemical integration base, with best practice standards of cost-saving, sustainability, and advanced technology.
The project will significantly expand Saudi Aramco’s footprint in China’s downstream industry considering the paramount importance of the Chinese economy for Saudi and Saudi Aramco’s future investments.
It will also enhance the competitiveness of Norinco’s petrochemical and value-added chemical divisions, and promote the overall economic revitalisation in Liaoning and Panjin.
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