Aramco, NORINCO and Panjin Xincheng Industrial Group to form Huajin Aramco Petrochemical Company.

Aramco, a petroleum and natural gas company, NORINCO, a Chinese state-owned defense corporation that manufactures commercial and military products, and Panjin Xincheng Industrial Group, an investment firm that provides asset management and investment management services, are set to form Huajin Aramco Petrochemical Company, a joint venture company that developing the complex that will combine a 300k barrels per day refinery and a petrochemical plant. Financial terms were not disclosed. “This large-scale refinery and petrochemical complex is a key project of NORINCO Group to implement and realize the joint development of the high-quality Belt and Road initiative, promote industrial restructuring, and enhance the oil and petrochemical sector to become stronger, better and larger. It will play an important role in deepening economic and trade cooperation between China and Saudi Arabia, and achieving common development and prosperity,” Zou Wenchao, NORINCO Group Deputy General Manager.