Saudi Aramco to open US $12.2 B China Refinery

Saudi Aramco signed an agreement with Chinese partners for an oil refinery and petrochemical project in northeast China that is expected to start in 2026 to meet the country’s growing demand for fuel and chemicals.
The project in Liaoning province’s city of Panjin will be Aramco’s second major refining-petrochemical investment in China and follows the world’s top oil exporter reporting a record profit of $161 billion in 2022.