(MENAFN) Saudi Aramaco penned a deal with NORINCO Group and Panjin Sincen on the creation of a joint venture aimed at establishing a fully integrated refining and petrochemical complex.
The Saudi oil giant was decided to provide as much as 70 percent of the complex's crude, with the project set to run by 2024.
CEO of the oil giant Amin Nasser stated: "our agreement today with NORINCO and the Liaoning province is a clear demonstration of Saudi Aramco's strategy to move from beyond a buyer-seller relationship, to one where we can make significant investments to contribute to China's economic growth and development."
Nasser added: "our participation in the integrated refining and petrochemical project in Panjin will strengthen our collaborative efforts to enhance energy security, revitalize key growth sectors and industries in Liaoning and also meet rising demand for products and goods in China's Northeast region."
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