Saudi Aramco signs $12.2 billion deal for China oil refinery and petchem complex.

Saudi Aramco has signed an agreement with Chinese partners to build an oil refinery and petrochemical project in northeast China, expected to start in 2026. The project will be Aramco's second major refining-petrochemical investment in China and will cost $12.2bn. Joint venture Huajin Aramco Petrochemical Company (HAPCO) will build and operate the complex that will house a 300,000 barrels per day (bpd) oil refinery and a cracker with annual production capacity of 1.65 million tonnes of ethylene and 2 million tonnes of paraxylene. Aramco will supply up to 210,000 bpd of crude oil as feedstock for the plant.