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.
Mohammed bin Zayed Majlis
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Killing of Qassem Suleimani
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
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UAE currency: the story behind the money in your pockets
