Saudi Aramco, Chinese partners to build $12.2bn refinery in Northeast China

By MG News | Category Global Business | March 28, 2023 at 02:58 PM GMT+05:00

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March 28, 2023 (MLN): Saudi Aramco, NORINCO Group, and Panjin Xincheng Industrial Group have signed an agreement to build a $12.2 billion oil refinery and petrochemical plant in northeast China.

The project is expected to have a capacity of 300,000 barrels per day (bpd) and will help to increase Saudi Arabia's crude oil exports to China, the world's largest crude oil importer.

Additionally, it will support China's growing demand for refined petroleum products and petrochemicals, while strengthening the trade relations between the two countries.

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