Huajin Aramco's $11.5 Billion Petrochemical Project Has Made Significant Progress

It is reported that the $11.5 billion fine chemicals and raw materials project led by Huajin Aramco Petrochemical Co., Ltd. (HAPCO) has reached a key milestone, with construction work close to 60%. The largest single unit of the project, the 4,366-ton aromatics complex, was successfully hoisted. This milestone project is the result of the joint efforts of Saudi Aramco and its Chinese partners and is expected to become a global hub for the petrochemical and fine chemical industries.

Located in Panjin, Liaoning Province, the project covers an area of 8.97 square kilometers. It started in 2023 and is expected to be completed in 2026.

The core of the Huajin Aramco project is an integrated refining and petrochemical complex, which will have a 300,000 barrels per day refinery capable of processing crude oil into a variety of refined products. The refinery will also be equipped with a petrochemical plant mentioned above, with an annual output of 1.65 million metric tons of ethylene and 2 million metric tons of paraxylene. These key petrochemical feedstocks are essential for the production of a wide range of downstream products including plastics, synthetic fibers and resins.

Huajin Aramco is a joint venture that brings together the expertise and resources of major players in the energy and industrial sectors. Saudi Aramco holds a 30% stake, while China's large defense and industrial group North Industries Group holds 51% and local company Panjin Xincheng Industrial Group holds the remaining 19%. The partnership reflects the deepening economic ties between Saudi Arabia and China and is in line with the strategic goals of industrial diversification and energy cooperation between the two countries.

Located in a strategic location in northeast China, the complex is designed to meet the growing demand for petrochemical products in the region and beyond. The project is expected to boost local economic development, create a large number of jobs, and ensure the region's industrial development.