Saudi Aramco Reboots $10 Billion Oil Refinery Venture in China

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.