China-Saudi chemical project breaks ground in Liaoning

The project is expected to be completed in 2025, and annual sales revenue will exceed 100 billion yuan after it is put into production. It will drive construction for several upstream and downstream industrial chain supporting projects, forming a trend of industrial agglomeration and development featuring high-end polyolefin, new materials, new energy and other industries.

"In particular, we see a major opportunity to build a world-leading, integrated downstream sector in China, with special emphasis on the high conversion of liquids directly into chemicals as part of our broader liquid-to-chemicals business expansion plans," said Amin Nasser, president and CEO of the Saudi Aramco.

Abdulrahman Ahmed Alharbi, the ambassador of Saudi Arabia to China, said the project had become an example of pioneering cooperation under the Belt and Road Initiative.

Wang Bingsen, Party chief of Panjin, said the local government would use this project to promote the high-quality development of Panjin and place it as the critical task to realize its three-year action plan.

Wang Xiang contributed to this story.