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Saudi Aramco to co-build $10B refinery in China

- Partnership with NORINCO and Panjin Sincen will be largest Sino-foreign joint venture

home > Refining/Petro Chemistry, News from companies, Asia, General 22.02.2019 13:55 Hale Türkeş

Saudi Aramco to co-build $10B refinery in China
NORINCO Group Chairman Jiao Kaihe (left), Saudi Aramco CEO Amin Nasser (middle), governor of Liaoning Province, Tang Yijun (right) in Beijing, China.

Saudi Aramco signed an agreement on Friday to form a joint venture with Chinese NORINCO Group and Panjin Sincen to develop a fully-integrated refining and petrochemical complex in the city of Panjin in the Liaoning province of China.

The total value of the project is more than $10 billion, making it the largest Sino-foreign joint venture, the state-run energy giant said in a press release.

According to the statement, the partners will form Huajin Aramco Petrochemical Co. Ltd. as part of a project that will include a 300-thousand-barrel-per-day refinery with a 1.5-million-metric-tonnes-per-annum (mmtpa) ethylene cracker and a 1.3 mmtpa paraxylene unit.

Saudi Aramco will supply up to 70 percent of the crude feedstock for the complex, which is expected to start operations in 2024. The company will hold a 35 percent stake in the newly-formed company, with NORINCO and Panjin holding 36 percent and 29 percent interests, respectively.

Saudi Aramco's CEO Amin Nasser said the agreement demonstrates the company’s strategy to move from beyond a buyer-seller relationship, to one where it can make significant investments to contribute to China's economic growth and development.

"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," he added.

According to the press release, there are additional plans to establish a fuel retail business, which will further integrate into the value chain. By the end of 2019, the formation of a three-party marketing joint venture is expected between Saudi Aramco, North Huajin and Liaoning Transportation Construction Investment Group Co., Ltd. to develop a network of retail fuel stations in the target markets.

By Hale Turkes

Anadolu Agency

energy@aa.com.tr




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- Crude inventories in US are estimated to increase by 4.2 million, API figures show
21.02.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Asia , Americas

US crude oil stocks, production up for w/ending Feb. 7

- Crude oil output returned to record high level of 13 million barrels per day last week
13.02.2020 Refining/Petro Chemistry , Americas

Oil steady as market awaits OPEC cut against low demand

- Coronavirus outbreak continues to lower demand and put downward pressure on prices
11.02.2020 Oil , Refining/Petro Chemistry , Transportation/Fuel Oil , Energy Diplomacy , Energy Projects

US crude oil stocks rise much higher than expectation

- Commercial crude inventories jump by 3.5 million barrels, compared to market estimate of rise of 482,000 barrels
31.01.2020 Refining/Petro Chemistry , Americas

Oil prices up with surprise crude inventory draw

- US crude oil stocks estimated to decline by 4.27 million barrels for week ending Jan. 24
30.01.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Asia , Americas

US crude oil stocks decline for week ending Jan. 17

- Commercial crude inventories fall by 0.4 million barrels
25.01.2020 Refining/Petro Chemistry , Americas

US crude oil inventories rise for week ending Jan. 3

- Commercial crude inventories increase by 1.2 million barrels
10.01.2020 Refining/Petro Chemistry , Americas

Oil prices exceed other commodities in 2019: EIA

- Last year saw Brent crude rise by 22.7%, and West Texas Intermediate (WTI) jump 34.4%
08.01.2020 Refining/Petro Chemistry , Stock Market , Americas

US crude oil stocks decline for w/ending Dec. 20

- Commercial crude inventories decline by 5.5 million barrels
29.12.2019 Refining/Petro Chemistry , Americas

Oil prices up with decline in US crude stocks

- Crude prices up 1% before Christmas break
26.12.2019 Refining/Petro Chemistry , International Relations , Asia , Americas

Highlights of global energy market in 2019

- Tensions between US and Iran, oil tanker attacks in Middle East and the climate crisis were hot topics in 2019
22.12.2019 Electricity , Natural Gas , Oil , Nuclear , Thermal , Lng/Lpg , Refining/Petro Chemistry , Wind , Solar , Hydro , Geothermal/Biomass , Projects , Oil , Natural Gas , Electricity , Energy Diplomacy , Energy Security , International Relations , News from companies , World , Turkey , Europe , Eurasia , Americas , Middle East-Africa , General

Oil market should trust OPEC: Saudi Energy Minister

- "This market will not be left unattended," Saudi Prince Abdulaziz bin Salman says
07.12.2019 Oil , Refining/Petro Chemistry , General

US' mthly. petroleum exports exceed imports for 1st time

- Petroleum exports come in at 89,000 barrels a day higher than imports in September 2019 -- a first since records began
07.12.2019 Upstream , Downstream , Refining/Petro Chemistry , Transportation/Fuel Oil , Energy Diplomacy , Americas , General

OPEC meeting ends without conclusion after six hours

- "We can't say we have an agreement until we meet with our colleagues in non-OPEC," Saudi energy minister says
06.12.2019 Oil , Downstream , Refining/Petro Chemistry , Transportation/Fuel Oil , Europe , Middle East-Africa , General

Aramco earns record $25B from IPO, valuation hits $1.7T

- Saudi oil giant becomes world's most valuable company with market capitalization of $1.7 trillion
07.12.2019 Oil , Upstream , Downstream , Refining/Petro Chemistry , Energy Security , Europe , Middle East-Africa , General

US crude oil production breaks new record high

- Crude output reaches all-time high of 12.9 million barrels a day
29.11.2019 Upstream , Refining/Petro Chemistry , Americas

Crude oil stocks in US rise slightly for w/e Nov. 15

- Commercial crude inventories increase by 1.4 million barrels
22.11.2019 Refining/Petro Chemistry , Americas

Profitable Saudi oil to prompt demand for Aramco IPO

- "You are buying on the basis that it is highly profitable, and there is going to be demand for Saudi oil," expert says
16.11.2019 Refining/Petro Chemistry , Transportation/Fuel Oil , Oil , Energy Diplomacy , Energy Security , International Relations , Energy Projects , General

US crude oil production breaks new record

- Crude output reaches all-time high of 12.8 million barrels a day
16.11.2019 Upstream , Refining/Petro Chemistry , General

Oil gains as US crude inventory draw less than estimate

- On demand side, pressure on crude could occur with rising dollar after Fed Chair's comments on potential end to rate hikes
15.11.2019 Refining/Petro Chemistry , Stock Market , Americas

'Turkey's regulation aims to stem waste, not recycle'

- Over 26,000 institutions, more than 2 million people across Turkey were educated on zero waste, says expert
09.11.2019 Refining/Petro Chemistry , Turkey , General

Turkish firm pledges to stop using single-use plastic

- Plastic waste covers over 3 million square meters in Pacific Ocean, says Koc Holding CEO
08.11.2019 Refining/Petro Chemistry , Turkey , General

Oil prices down with crude inventory build in US

- US crude oil inventories are forecast to rise by 4.26 million barrels for week ending Oct. 31, according to API figures
06.11.2019 Refining/Petro Chemistry , Stock Market , Americas

US petroleum product exports rise in first half of 2019

- However, growth in petroleum exports marks slowest year-over-year increase for any six-month period in past 13 years
25.10.2019 Refining/Petro Chemistry , Invesments , Americas

US crude oil stocks fall contrary to market expectation

- Commercial crude oil stocks decline by 1.7 million barrels, although market expectation was a rise of 2.2 million barrels
24.10.2019 Refining/Petro Chemistry , Americas

Oil prices lose gains with rise in US crude stocks

- Prices were up in previous session with reports that OPEC could make deeper output cuts
24.10.2019 Refining/Petro Chemistry , Stock Market , Americas

Oil posts mixed week amid refinery maintenance season

- Refinery maintenance season keeps crude demand low, causes buildup in inventories and push prices down
19.10.2019 Refining/Petro Chemistry , Stock Market , International Organization , Americas

Oil down as China posts lowest growth in three decades

- Chinese economy grows by 6% in third quarter, marks lowest pace since 1992
18.10.2019 Refining/Petro Chemistry , Stock Market , Asia

US crude oil production remains at record high level

- Crude oil output remained around 12.6 million barrels a day for week ending Oct. 11
19.10.2019 Upstream , Refining/Petro Chemistry , Americas

Brent price down with high crude inventory build in US

- Crude oil inventories in US rise by 10.45 million barrels, much higher than market expectation of 2.88 million barrels
18.10.2019 Refining/Petro Chemistry , Stock Market , Americas

Oil prices down as US' crude inventories, production up

- World's top producer saw its crude output climb up to fresh record high of 12.6 million barrels per day
10.10.2019 Refining/Petro Chemistry , Stock Market , Americas

Crude oil inventories in US increase for w/e Sept. 27

- Commercial crude inventories rise by 3.1 million barrels
03.10.2019 Refining/Petro Chemistry , Americas

Oil prices to see high levels, Saudi crown prince warns

- "... oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes," Mohammed bin Salman said
02.10.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Middle East-Africa

Oil prices recover from one month low

- From July to September, crude prices recorded worst quarterly decline this year
01.10.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Middle East-Africa

New oil and gas reserves discovered in northwest China

- Sichuan shale gas blocks have total proven reserves of 1.06 trillion cubic meters: China National Petroleum Corporation
01.10.2019 Natural Gas , Refining/Petro Chemistry , Energy Projects , General

US sees largest weekly gasoline price jump in two years

- 'Gasoline prices in the US tend to follow price movements of the global crude oil benchmark Brent,' EIA says
27.09.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Americas , Middle East-Africa

Oil prices down with rapid Saudi output recovery

- Kingdom's production rises to more than 8 million barrels a day, much faster than previously anticipated
26.09.2019 Oil , Refining/Petro Chemistry , Energy Diplomacy , General

Oil prices down as Saudi Arabia's supply concerns ease

- Saudi Aramco's output to be fully back online by end of September
25.09.2019 Refining/Petro Chemistry , Stock Market , Middle East-Africa

Iran responsible for Aramco attack, says Saudi official

-Attack on Aramco facilities carried out with Iranian weapons, Tehran responsible for attack, says Saudi foreign minister
24.09.2019 Refining/Petro Chemistry , Energy Security , Middle East-Africa

Oil market well supplied with ample stocks: IEA's Birol

- IEA does not see the need to release stocks at the moment, Birol says
19.09.2019 Refining/Petro Chemistry , International Organization , Middle East-Africa

France to send experts for probe of Saudi oil attack

- Move comes after phone call between French President Emmanuel Macron, Saudi Crown Prince Mohammed bin Salman
18.09.2019 Downstream , Refining/Petro Chemistry , General

World to focus on climate summit amid oil tensions

- Despite attacks on Saudi oil sites and geopolitical tensions, climate change to be on world agenda with upcoming summit
19.09.2019 Oil , Renewable , Downstream , Refining/Petro Chemistry , World , Middle East-Africa , General

Oil prices up as Saudis struggle with rapid recovery

- Kingdom looking at months for a full recovery in production
17.09.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Middle East-Africa

Oil to climb $75 a barrel if Saudi outage lasts 6 weeks

- "These events represent a sharp escalation in threats to global supply with risks of further attacks," Goldman Sachs says
17.09.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Americas , Middle East-Africa

Oil prices soar as drone attacks cut Saudi production

- With 6% of global oil supply under threat, prices climb to highest level in four months
16.09.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Middle East-Africa

US blames Iran for attacking Saudi oil facilities

- Secretary of State Mike Pompeo says, drone strikes mark unprecedented attacks on world’s energy supply
16.09.2019 Refining/Petro Chemistry , Energy Security , Americas , Middle East-Africa

Saudi Arabia temporarily cuts oil production

- Decision comes following drone strikes on country’s oil facilities
16.09.2019 Refining/Petro Chemistry , Energy Security , Middle East-Africa

US crude oil inventories fall for w/e Sept. 6

- Crude oil production unchanged at around 12.4 million barrels per day
12.09.2019 Refining/Petro Chemistry , Americas , General
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  • NORINCO Group Chairman Jiao Kaihe (left), Saudi Aramco CEO Amin Nasser (middle), governor of Liaoning Province, Tang Yijun (right) in Beijing, China.
    Saudi Aramco to co-build $10B refinery in China
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Saudi Aramco to co-build $10B refinery in China

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