Groundbreaking ceremony for Saudi Aramco-Norinco Refining, Petrochemical and Retail Project 2

17-May-17

Groundbreaking ceremony for Saudi Aramco-Norinco Refining, Petrochemical and Retail Project 2 has been completed. The governor of Liaoning province Mr. Chen Qiufa announced the project commencement and the joint development agreement was signed by Mr. Abdulaziz M. Al-Judaimi, Mr. Zhao Gang, and Mr. Hao Chunrong, as per MENAFN - Saudi Press Agency.
The project is a key element in China's petrochemical industry forward planning and the revitalization drive for the old industrial base in northeast China. It is a major project in NORINCO's drive to develop the industrial value chain, facilitating overseas oil exploration and trade, as well as growth in the petrochemical, final chemicals and specialty chemical sectors. Having completed the environmental impact assessment and won 23 project supporting documents in less than three years, the project obtained final approval from Liaoning Provincial Development and Reform Commission.

The goal of the project is to build a world-class refining and chemical integration base, with global best practice standards of cost-saving, sustainability, and advanced technology. The construction will be based on the principles of integration, clustering development, differentiation and scale up. The project will significantly expand Saudi Aramco's footprint in China's downstream industry considering the paramount importance of the Chinese economy for Saudi and Saudi Aramco's future investments. It will also enhance the competitiveness of NORINCO's petrochemical and value-added chemical divisions, and promote the overall economic revitalization in Liaoning and Panjin.