Saudi Aramco inks $12.2 billion China oil refinery

Saudi Aramco has signed an agreement with Chinese partners for an oil refinery and petrochemical project in northeast China expected to start in 2026 to meet the country’s growing demand for fuel and chemicals.

Joint venture Huajin Aramco Petrochemical Company (HAPCO) will build and operate the complex which will house a 300,000 barrels per day (bpd) oil refinery and a cracker with an annual production capacity of 1.65 million tonnes of ethylene and 2 million tonnes of paraxylene.

The project is expected to cost $12.2 billion (€11.3 million).

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