Saudi Aramco has confirmed its investment in a major petrochemical project in Liaoning province, as announced by Amin Nasser, the President and CEO of the company.

During the China Development Forum on March 26, Nasser stated, "Today we are signing definitive agreements with North Huajin Chemical and Panjin Xincheng to begin construction on a state-of-the-art integrated refinery and petrochemical complex in Liaoning province."

The project, valued at over 83.7 billion yuan, will be a joint effort between Huajin Chemical Industries, Saudi Aramco, and Panjin Xincheng, and is located in the Liaobin Coastal Economic and Technological Development Zone in Panjin city, Liaoning province.

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

The project was launched in March 2011 and was designated a key project for the revitalization of Northeast China in 2014 by the State Council.

Li Lecheng, the governor of Liaoning province, described the project as a major and strategic move for mutual benefit and win-win for both countries.

The Panjin municipal government has formed a dedicated project team to provide comprehensive support in planning, resource allocation, public utilities, supporting facilities, and office locations.

Liu Shiquan, Chairman of China North Industries Group Corporation, hopes to build the project into a landmark project of the Belt and Road Initiative construction and a model project of comprehensive strategic cooperation between China and Saudi Arabia.

According to the Liaoning Provincial Department of Commerce, Liaoning province has attracted over 16,000 foreign-invested enterprises, including BMW and Michelin, ranking eighth in the country. As part of its efforts to further strengthen its opening-up, Liaoning province has been fully leveraging its advantages in location and geopolitics, deeply integrating into the construction of the Belt and Road Initiative, and striving to create a new frontier for opening up to the outside world.

Li Mofei contributed to the story.

Video by Liu Yuan, Zheng Xin, Zhang Dong, Wang Xiang, Wang Yinhao, Li Yixin and Wu Yong.