Saudi Aramco intends to capitalise on China’s expanding energy demand by investing 10 billion dollar in a petrochemical & refining complex over the following 3 years.
Aramco and 2 Chinese businesses will collaborate to complete the project. The project is expected to be finished in 2026, and construction work should start in the 2nd half of 2023.
Saudi Aramco & China Complex Deal are attracting New Foreign Investors
Aramco has prioritised investments in petrochemicals & refining. As it works to ensure long-term demand for its main item while also increasing local refining capability.
The IEA and other predictors claim that investing in petrochemicals is a smart long-term move for the oil sector given predictions of a drop in the demand for oil as transportation fuels.
The most obvious location for fresh petrochemical projects is China because it is both 1 of the top 3 users of crude oil and the country that imports the most of it.