Saudi Aramco, China North Industries Corporation (NORINCO), and Panjin Xincheng Industrial Group, Co., Ltd. signed the joint development agreement and held a groundbreaking ceremony for the Saudi Aramco - NORINCO Refining, Petrochemical and Retail Project in Panjin, in northeast China's Liaoning province. The idea for this project received a major boost during the visit by The Custodian of the Two Holy Mosques King Salman Bin Abdulaziz to China in March 2017, when Saudi Aramco and NORINCO signed the project Memorandum of Understanding (MoU). Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources, who was in Beijing to participate in the Belt and Road Forum for International Cooperation, attended the ceremony where Saudi Aramco and NORINCO signed an agreement to pave the way for a Joint Development agreement to build a refining, chemicals, and retail network in Panjin. Later on site in Panjin, Mr. Abdulaziz M. Al-Judaimi, Senior Vice President Downstream at Saudi Aramco attended a groundbreaking event, which was also attended by Mr. Yin Jiaxu, Chairman of Norinco Group; and Mr. Zhang Lei, Liaoning Executive Deputy Governor; Nabil Al Nuaim, President of Aramco Asia; and Mr. Gao Ke, Panjin Municipal Party Secretary. Representatives from relevant ministries, provincial departments, NORINCO, Saudi Aramco and Huajin Group also attended. Abdulaziz M. Al-Judaimi, Senior Vice President Downstream said that Norinco and the government of Liaoning province are amongst the best partners to be in this project considering the great value proposition they are bringing to the table. There might be some challenges that we may face in the journey of implementing this project in the future, as in any worthy endeavor, but I am confident that we will be able to overcome them taking into consideration first Saudi Aramco's proven record of project management skills while executing mega projects and second the strong commitment shown by all the stakeholders to work together as one team to make sure this project is a big success. --More 18:45 LOCAL TIME 15:45 GMT www.spa.gov.sa/1630456
