(Yicai Global) March 11 -- Saudi Aramco will invest in the construction of a major integrated refinery and petrochemical complex in northeastern China through its local joint venture to better meet the country’s growing demand for energy and chemical products, the world’s top crude oil producer said yesterday.

Huajin Aramco Petrochemical Company, which the Saudi oil major co-owns with two Chinese partners North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group, will develop the liquids-to-chemicals complex, Aramco said. The Dhahran-based company holds a 35 percent stake in the JV.

“China is a cornerstone of our downstream expansion strategy in Asia and an increasingly significant driver of global chemical demand,” said Senior Vice-President of Downstream Mohammed Al Qahtani.

Located in Panjin, Liaoning province, the facility will have a refining capacity of 300,000 barrels of crude oil a day, with Aramco expected to supply 210,000 barrels of this each day to the complex.

The plant, which is expected to start operating in 2024, will also have a ethylene-based steam cracker, a building block petrochemical used to manufacture thousands of everyday products.

Editor: Kim Taylor