FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq © Thomson Reuters
OilPrice.com: Saudi Aramco To Build $10 Billion Refinery And Petrochemical Complex In China
* Saudi Aramco plans to build a $10-billion refining and petrochemical complex in China in order to take advantage of the country’s growing fuel and chemical demand.
* The complex is set to have a capacity of 300,000 barrels of crude per day, with Saudi Aramco supplying 201,000 barrels per day.
* The project is scheduled for completion in 2026 and is part of a larger Saudi Aramco strategy to secure long-term demand for its oil.
Saudi Aramco plans to build a $10-billion refining and petrochemical complex in China over the next three years, taking advantage of the country’s growing demand for energy.
The complex will have a capacity of 300,000 barrels of crude daily, Aramco said in a news release. The Saudi major will supply 201,000 barrels per day to the facility.
The project will be carried out in partnership between Aramco and two Chinese companies. Construction works should begin in the second half of this year, with the project scheduled for completion in 2026.
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Update #1: Saudi Aramco to invest billions in Chinese petrochemicals (AP)
Update #2: Saudi Aramco boosts China investment with two refinery deals (Reuters)
WNU editor: More evidence on the growing relationship between China and Saudi Arabia.
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