Mega China-Saudi Arabia chemical project kicks off construction

STORY: Mega China-Saudi Arabia chemical project kicks off construction DATELINE: March 31, 2023 LENGTH: 0:00:52 LOCATION: SHENYANG, China CATEGORY: ECONOMY SHOTLIST: 1. various of the ceremony 2. various of the chemical project STORYLINE: Construction of a major chemical project jointly invested by China and Saudi Arabia started Wednesday in Panjin, northeast China's Liaoning Province. The total investment of the project is 83.7 billion yuan (about 12.2 billion U.S. dollars). Saudi Aramco holds a 30 percent stake, while two Chinese companies have the rest. After being put into operation, the project is expected to become a world-class petrochemical and fine chemical industry base in China. The joint venture Huajin Aramco Petrochemical Company (HAPCO) will be completed in 2025. It's expected to have an annual oil refining capacity of 15 million tonnes, and an annual production capacity of 1.65 million tonnes of ethylene and 2 million tonnes of P-xylene (PX). Xinhua News Agency correspondents reporting