A joint development agreement has been signed for Saudi Aramco’s NORINCO refining, petrochemical and retail project in Panjin, in China’s Liaoning province.
Saudi Aramco was joined by China North Industries Corporation and Panjin Xincheng Industrial Group in the signing of the joint development agreement.
The project is a key element in China’s petrochemical industry forward planning and the revitalisation of the oil 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 sector.
The aim of the project is to build a world-class refining and chemical integration base. The construction will be based on the principles of integration, clustering development, differentiation and scale up.
It will further promote the implementation of China’s ‘One belt, one road’ initiative and the sustainable development of China’s petrochemical industry. It will also significantly expand Saudi Aramco’s footprint in China’s downstream industry.