DUBAI (Reuters) – State-owned Saudi Aramco has signed an agreement to form a joint venture with Chinese defense conglomerate Norinco to develop a refining and petrochemical complex in Panjin city, saying the project is worth more than $10 billion.
The partners will form a new company called Huajin Aramco Petrochemical Co as part of a project that will include a 300,000 barrels per day (bpd) refinery with a 1.5 million metric tonnes per annum (mmtpa) ethylene cracker, Aramco said on Friday.
Aramco will supply up to 70 percent of the crude feedstock for the complex, which is expected to start operations in 2024.
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