Saudi Aramco, Chinese groups sign deal to build refining, chemicals co

17/05/2017 05:40 AST

Saudi Aramco, China North Industries Group Corp. (Norinco) and Panjin Xincheng Industrial Group signed an agreement and performed the ground-breaking ceremony for a refining and chemicals complex in northeast China, according to the official Saudi Press Agency (SPA). Saudi Energy Minister Khalid Al-Falih, who was in Beijing to participate in the Belt and Road Forum for International Cooperation, attended the ceremony where the deal was signed to build Saudi Aramco-Norinco Refining, Petrochemical and Retail project in Panjin.

Later, Abdulaziz M. Al-Judaimi, senior vice president downstream at Saudi Aramco attended a ground-breaking event. Yin Jiaxu, chairman of Norinco group, Zhang Lei, Liaoning executive deputy governor, Nabil Al-Nuaim, president of Aramco Asia and Gao Ke, Panjin Municipal Party Secretary were also present at the event, which was held at the site of the proposed project. Al-Judaimi said that there might be some challenges in the implementation of this project. "But I am confident that we will be able to overcome those issues taking into consideration Saudi Aramco's proven record of project management skills and the strong commitment of all the stakeholders."

The goal of the project is to build a world-class refining and chemical integration base. The project will further promote China's "Belt and Road." It will significantly expand Saudi Aramco's footprint in China's downstream industry considering the paramount importance of the Chinese economy for Saudi Arabia's future investments. The project will also enhance the competitiveness of Norinco's petrochemical and value-added chemical divisions, and promote the overall economic revitalization in Liaoning and Panjin.

Arab News