Key facts
- Saudi Aramco's new joint venture refinery in China, HAPCO, received its first cargo of Arab crude.
- The HAPCO refinery has a capacity of 300,000 barrels per day.
- The adjacent petrochemical plant has an annual production capacity of 1.65 million metric tons of ethylene and 2 million metric tons of paraxylene.
- Saudi Aramco will supply up to 210,000 bpd of crude oil feedstock to the project.
- Commercial operations are now expected to begin in the first quarter of 2027.
Saudi Aramco's newest joint venture refinery in China, the Huajin Aramco Petrochemical Company (HAPCO), has received its first cargo of Arab crude oil as it prepares for start-up. The refinery, located in Panjin City in northeast China, has a processing capacity of 300,000 barrels per day.
The HAPCO joint venture was established in May 2023, with Saudi Aramco holding a 30% stake, while China's NORINCO Group and Panjin Xincheng Industrial Group own 51% and 19%, respectively. The project also includes an adjacent petrochemical plant with an annual production capacity of 1.65 million metric tons of ethylene and 2 million metric tons of paraxylene.
Under the terms of the deal, Saudi Aramco is set to supply up to 210,000 barrels per day of crude oil feedstock to the project. The refinery's commercial operations, initially expected in 2026, have been slightly delayed and are now anticipated to commence in the first quarter of 2027, partly due to disruptions in Saudi crude deliveries amid the Middle East crisis.