Saudi Aramco Invests Billions in Refinery and Petrochemical Complex in China

Saudi Aramco plans to build a $10 billion refining and petrochemical complex in China with a capacity of 300,000 barrels of crude per day, with Saudi Aramco supplying 201,000 barrels per day. The project is part of a larger Saudi Aramco strategy to secure long-term demand for its oil and is scheduled for completion in 2026. The International Energy Agency has projected that petrochemicals will account for more than a third in oil demand growth by 2030, rising to 50% of demand by 2050 as transport electrifies.