State-owned Saudi Aramco has signed an agreement to form a joint venture with Chinese conglomerate Norinco to develop a refining and petrochemical complex in Panjin city, saying the project is worth more than $10 billion. Aramco and Norinco, along with Panjin Sincen, will form a new company called Huajin Aramco Petrochemical Co as part of a project that will include a 300,000 barrels per day refinery with a 1.5 million metric tonnes per annum ethylene cracker, Aramco said on Friday. The deal was signed during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing as part of an Asia tour. Aramco will hold 35 percent of the new company, with Norinco and Panjin Sincen owning […]