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Aramco, Sinopec ink initial deal to build plant in China
(MENAFN) Top crude oil exporter Saudi Aramco and China Petroleum and Chemical Corporation (Sinopec) have inked an initial deal to construct a refinery and a petrochemicals factory in China.
The 320,000 barrels-per-day refinery and 1.5 million tons-per-year petrochemical cracker complex will be set up by the end of 2025, Aramco stated on Sunday.
Aramco and Sinopec, along with Saudi Basic Industries Corporation (Sabic), have also inked a preliminary deal to study the possibility of developing a petrochemicals complex to be included with a current refinery in Yanbu, Saudi Arabia.
“These projects represent an opportunity to contribute to a modern, efficient and integrated downstream sector in both China and Saudi Arabia,” as declared by Mohammed Al Qahtani, Aramco's senior vice president of downstream.
“They also underpin our long-term commitment to remain a reliable supplier of energy and chemicals to Asia’s largest economy.”
The 320,000 barrels-per-day refinery and 1.5 million tons-per-year petrochemical cracker complex will be set up by the end of 2025, Aramco stated on Sunday.
Aramco and Sinopec, along with Saudi Basic Industries Corporation (Sabic), have also inked a preliminary deal to study the possibility of developing a petrochemicals complex to be included with a current refinery in Yanbu, Saudi Arabia.
“These projects represent an opportunity to contribute to a modern, efficient and integrated downstream sector in both China and Saudi Arabia,” as declared by Mohammed Al Qahtani, Aramco's senior vice president of downstream.
“They also underpin our long-term commitment to remain a reliable supplier of energy and chemicals to Asia’s largest economy.”
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