Work on the project started in 2023 and is expected to be completed in 2026
Construction work on the USD 11.5 billion fine chemicals and raw materials project of Huajin Aramco Petrochemical Company (HAPCO) is nearly 60% complete, according to a news report.
Work on the project, which covers 8.97 sq km, started in 2023, state-backed Xinhua news agency reported. The project is expected to become a global petrochemical and fine chemical industry base.
HAPCO is a joint venture between Aramco (30% ownership), NORINCO Group (51% ownership), and Panjin Xincheng Industrial Group (19% ownership). It is developing an integrated refinery and petrochemical complex in northeast China that will combine a 300,000 barrels per day refinery and a petrochemical plant with an annual production capacity of 1.65 million metric tons of ethylene and 2 million metric tons of paraxylene. The complex is expected to be fully operational by 2026.
Aramco, a GPCA member, as of 2024, is the fourth-largest company in the world by revenue and is headquartered in Dhahran. Aramco operates the world’s largest single hydrocarbon network, the Master Gas System. In 2024, its oil production total was 12.7 million barrels of oil equivalent per day.
