Panjin becoming thriving hub for entrepreneurs driving economic growth

During the past 40 years, Panjin, in Liaoning province, has become fertile ground for entrepreneurship, significantly supporting the city's economic and social development, Xing Peng, deputy secretary of the Communist Party of China Panjin Municipal Committee and mayor of Panjin, said at an investment promotion event in the city on July 5.

The Huajin Aramco fine chemicals and raw materials engineering project is an example of Panjin's commitment to attracting significant investments. Introduced at the event by Du Bingguang, deputy director of the Petrochemical Office of China North Industries Group and vice-chairman of North Huajin Chemical Industries Group, the project includes an oil refinery that processes 15 million tons a year, and an ethylene plant that processes 1.65 million tons a year, with a total investment of 83.7 billion yuan ($11.5 billion).

The project, coordinated by the State Council's major foreign investment project task force, is expected to generate annual revenue of more than 100 billion yuan and profits exceeding 10 billion yuan.

Saudi Aramco's investment is fully in place, with EPC work underway and long-cycle equipment procurement complete. The construction of on-site piling, roads, and main pipelines is also progressing smoothly.

"Upon completion, the project will establish a leading domestic and world-class petrochemical and fine chemical industry base," Du Bingguang noted.

Xing, the city's mayor, emphasized Panjin's efforts to support entrepreneurs, stating: "Panjin is fully implementing the Three-Year Action Plan for New Breakthroughs in Comprehensive Revitalization, accelerating the construction of a '3442' modern industrial system."

He encouraged entrepreneurs to invest in Panjin and contribute to its development, ensuring a supportive environment where they can thrive.

Wang Xuelin, director of the Panjin Municipal Bureau of Commerce, highlighted Panjin's rich resources and strategic advantages.

"Leveraging its ample oil and natural gas resources, Panjin is striving to become a key national base for the petrochemical and fine chemical industries," he said.

The city has attracted investments from renowned global companies that have enhanced its industrial agglomeration trend.

The investment promotion event themed Boundless Opportunities in Liaodong Bay showcased Panjin's potential and provided a platform for government-enterprise cooperation.

"With government and enterprise working together, a brighter future is on the horizon," Xing added, underscoring the city's commitment to fostering a vibrant economic environment.

Panjin's strategic initiatives and robust support for entrepreneurs are driving significant economic growth and attracting major investments, positioning the city as a key player in the national and global industrial landscape.

Xing Zhiyuan contributed to the story.