On March 29, the joint construction of the Fine Chemicals and Raw Materials Project by China and Saudi Arabia officially commenced in the Liaobin Coastal Economic and Technological Development Zone of Panjin, Liaoning.
The project is jointly invested by North Huajin Chemical Industries Group Corporation affiliated with Norinco Group, Saudi Aramco, and Panjin Xincheng Industrial Group. It will be constructed by Huajin Aramco Petrochemical Company, covering an area of 8.9 square kilometers with a total investment of 83.7 billion yuan. The project’s core objective is to construct a total of 32 sets of process equipment capable of producing 15 million tons per year of refined oil, ethylene, PX, and other related products. Additionally, the construction will include the development of necessary public utility infrastructure and auxiliary facilities to support the project’s operations.
Based on high-end products, this project focuses on state-supported new chemical materials and high-end fine chemical products. After the implementation of the project, it will drive the construction of a batch of upstream and downstream industrial chain supporting projects, forming a trend characterized by high-end polyolefins, with the agglomeration and development of new materials and new energy industries.
The Liaoning Provincial Committee of the CPC and People’s Government attach great importance to the project construction, and are fully committed to providing service guarantees for the construction and enterprise development. Since the project was launched, Liaoning has established a provincial-level special task force for project promotion, which has taken extraordinary measures and mobilized the entire province to advance the project implementation. In terms of project approval, energy consumption, land use, environmental impact assessment, safety assessment, and financing, Liaoning has provided full-process guidance services and element guarantees, laying a solid foundation for the project’s construction.
Currently, Panjin is focusing on key planning for new chemical materials and high-end fine chemical products around the 32 sets of refining and chemical equipment in the overall project design. It has carefully packaged 30 industrial projects, laid out a batch of fine chemicals projects, and constructed six major industrial clusters. After these projects are completed and put into operation in Panjin, the production capacity of ethylene will double and that of PX will go from zero to one, and the raw material sources for the petrochemical industry will diversify. Meanwhile, the output of refined oil products will be greatly reduced, which will accelerate the process of “oil reduction and chemical increase” and “oil reduction and specialty increase”, and promote the extension of the petrochemical industry to downstream industries such as high-end polyolefins, achieving a transformation from “fuels” to “materials”. At that time, the output value of the petrochemical and fine chemicals industry in Panjin will exceed 400 billion yuan, accounting for one-third of Liaoning’s petrochemical industry, effectively enhancing the overall strength and competitiveness of Liaoning’s petrochemical industry.
It is reported that the project is expected to achieve its mechanical completion by 2025 and annual sales revenue of over 100 billion yuan after being put into operation.