Saudi Aramco signed an agreement with Chinese partners for an oil refinery and petrochemical project in northeast China that is expected to start in 2026 to meet the country’s growing demand for fuel and chemicals. | Reuters
Construction at the complex will start in the second quarter after the project secures the required administrative approvals, Aramco said. The plant is expected to be fully operational by 2026, it added.State-owned NORINCO Group, a Chinese military equipment maker, owns 51 percent of Hapco while Aramco and Panjin Xincheng hold stakes of 30 percent and 19 percent, respectively.
Guangdong, China’s largest provincial economy, has drawn global firms like Exxon Mobil and BASF, each building large-scale petrochemical complexes producing high-value chemicals.
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