Saudi Aramco, world’s largest oil-exporting company, said on Thursday that its joint venture in China will develop a major integrated refinery and petrochemical complex in North East China.
Aramco had entered into an agreement with North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group in December 2019 to form Huajin Aramco Petrochemical Company.
The group will develop the liquids-to-chemicals complex in Panjin city in China’s Liaoning province, Aramco said in a statement.
The new greenfield project will have 300,000 barrels per day refinery capacity and petrochemical units and is expected to commence operations in 2024.
This project will support Aramco’s broader objective of becoming a global leader in liquids-to-chemicals, Mohammed Al Qahtani, Aramco’s senior vice-president of downstream, said.
“China is a cornerstone of our downstream expansion strategy in Asia and an increasingly significant driver of global chemical demand.
“Continued energy security remains a shared priority and this partnership represents another major milestone in our journey together, supporting China’s vision to create a modern economy grounded in innovation, ambition and sustainability,” Mr Al Qahtani said.
The decision is subject to the finalisation of transaction documentation, regulatory approvals and closing conditions.
The new complex will feed China’s growing demand for energy and chemical products and presents an opportunity for Aramco to supply up to 210,000 bpd of crude oil feedstock to the complex.
Earlier this week, Aramco signed a preliminary agreement with China Petroleum and Chemical Corporation for a potential downstream (refining and petrochemicals) collaboration to boost its presence in the world’s second-largest economy.
Last month, it closed the $15.5 billion lease and leaseback deal for its gas pipeline that it had agreed to in December with a group of companies led by BlackRock Real Assets and state-backed Hassana Investment Company.
The consortium for the gas pipeline transaction also comprised institutional investors such as China Merchants Capital and Silk Road Fund, among others.
Saudi Aramco also said last month that it discovered a number of new natural gasfields in different parts of the country including in the central region, the Empty Quarter, near the northern border and in the eastern region of the country.
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
