Aramco’s New Chinese JV Refinery Gets First Saudi Crude Cargo
Saudi Aramco’s newest joint venture refinery in China has received its first cargo of Arab crude as it prepares for start-up, the Saudi oil giant said in a statement to Bloomberg on Wednesday, without providing a timeline for the start of commercial operations. Saudi Arabia and its state-owned oil giant early this decade embarked on a strategy to set up joint ventures with local Chinese partners…
Saudi Aramco's newest joint venture refinery in China, the Huajin Aramco Petrochemical Company (HAPCO), has received its first cargo of Arab crude, as the company prepares for start-up. The refinery, located in Panjin City in northeast China, has a capacity to process 300,000 barrels per day (bpd) of crude oil and produce 1.65 million metric tons of ethylene and 2 million metric tons of paraxylene annually.
HAPCO, a joint venture between Saudi Aramco, China's NORINCO Group, and Panjin Xincheng Industrial Group, holds a 30% stake in the refinery, with the other partners owning 51% and 19%, respectively. Saudi Aramco aims to supply up to 210,000 bpd of crude oil feedstock to the project. The refinery, initially expected to commence commercial operations in 2026, is now anticipated to begin operations in the first quarter of 2027, following the closure of the Strait of Hormuz and Saudi Arabia's increased crude oil exports from Yanbu via the East-West onshore pipeline.
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