Caixin
Mar 12, 2022 05:14 AM
BUSINESS

Saudi Aramco Reboots $10 Billion Oil Refinery Venture in China

Aramco, the world’s largest oil-exporting company, has been eyeing expansion in Asia
Aramco, the world’s largest oil-exporting company, has been eyeing expansion in Asia

Saudi Arabia’s state oil company is reviving efforts to tap more deeply into China’s energy market with the resumption of a $10 billion refining and petrochemicals joint venture that was suspended nearly two years ago.

Saudi Arabian Oil Co., or Aramco, made a final investment decision to take part in a refining complex in Panjin, Northeast China’s Liaoning province, the company said Thursday. The project, with a 300,000-barrels-a-day refinery, an ethylene cracker and a paraxylene unit, is set to start operation in 2024.

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