Saudi Aramco has announced that it and its Chinese partners aim to open a petrochemical project in northeastern China by 2026, at a cost of more than $12 billion.
The company explained that the project will combine a refinery with a capacity of 300,3 barrels per day and a petrochemical plant with an annual production capacity of 650,<>,<> metric tons.
Aramco, which owns a 30 percent stake in the joint venture, will provide up to 210,<> barrels per day of crude oil to the complex.
The project is Aramco's second-largest investment in refining and petrochemicals in China and is scheduled to begin construction in the second quarter of this year.
This comes after Aramco, the world's largest oil exporter, announced record profits in 2022, amounting to $ 161 billion.
The kingdom was China's biggest oil supplier last year by about two million barrels per day.
Meanwhile, Aramco signed definitive agreements to acquire a 10 percent stake in Schengen-listed Rongsheng Petrochemical Co. Ltd. for 24.6 billion yuan ($3.6 billion).
Aramco said in a statement on Monday that the deal would significantly further expand its presence in China's refining, chemicals and marketing business.
Through this strategic partnership, Aramco will supply 480,<> barrels per day of Arab crude oil to Rongsheng's Zhejiang Oil and Petrochemicals Co., Ltd. under a long-term sales agreement.