Saudi Arabia to build large-scale oil refinery in China

Inspenet, April 5, 2023

According to the Saudi Aramco company, the construction of the refinery should start in the second quarter of 2023, and it is expected to be fully operational in 2026.

The Saudi oil company Saudi Aramco announced that it will build, together with the Chinese companies NORINCO and Panjin Xincheng, a large-scale oil refinery in northeast China. Construction is due to start in the second quarter of 2023, with the refining and petrochemical complex expected to become fully operational in 2026.

Preliminary data stipulates that the plant will be capable of processing some 300,000 barrels of crude oil per day, as well as producing 1.65 million tons of ethylene and 2 million tons of paraxylene each year. Saudi Aramco plans to supply up to 210,000 barrels a day to the refinery. According to the executive director of the Saudi company, Amin Nasser, quoted by Bloomberg, the new plant will represent “a great opportunity in which everyone wins” to create in China one of the main processing sectors in the world, “with special emphasis on the high conversion of liquids directly to chemicals as part of our broader business expansion plans for [procesamiento] from liquids to chemicals”.

Meanwhile, Zou Wenchao, NORINCO’s deputy general manager, stressed that the plant “will play an important role in deepening China-Saudi Arabia economic and trade cooperation and achieving common development and prosperity.”

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