[chartist kao]

In 2019, Saudi Aramco signed a framework agreement with Chinese companies to build a $10 billion refinery and petrochemical complex in the northeastern Chinese city of Panjin. This project is part of Saudi Arabia's efforts to diversify its economy and expand its presence in the global petrochemicals industry, while also strengthening economic ties with China.

The project is expected to have a total capacity of 300,000 barrels per day of crude oil, and will include a refinery, an ethylene cracker, and downstream petrochemical production units. The complex will be located in the Liaoning Free Trade Zone, which offers favorable tax policies and streamlined customs procedures for foreign investors.

The project is a significant example of the growing economic cooperation between China and Saudi Arabia, particularly in the energy sector. China is the world's largest importer of oil, and Saudi Arabia is one of the world's largest oil producers, making the two countries important partners in the global energy trade. By investing in downstream production facilities in China, Saudi Arabia is also seeking to capture more value from its oil exports and reduce its dependence on volatile global oil prices.