White & Case advises Aramco on refinery and petrochemical complex in China

Press Release
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Global law firm White & Case LLP has advised Aramco on the development of a greenfield refinery and petrochemical complex in Panjin City, Liaoning Province in northeast China. 

White & Case partner Vivian Tsoi, who co-led the Firm's deal team, said "We have advised long-standing client Aramco on this important transaction, which marks a critical milestone in Aramco's downstream expansion strategy in China, one of its key markets. Combining our project development and finance, mergers & acquisitions and international trade capabilities, this transaction demonstrates the multidisciplinary offering we bring to bear for our energy clients in Asia-Pacific."

Construction on the complex is anticipated to begin in the second quarter of 2023. The complex will be developed by Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, holding 30 percent of the company, and NORINCO Group and Panjin Xincheng Industrial Group, which will hold 51 percent and 19 percent of the company, respectively.

The complex will comprise a 300,000 barrels per day (bpd) refinery with a 1.65 million metric tonnes per annum ethylene cracker and a 2 mmtpa paraxylene unit. Aramco will provide up to 210,000 bpd of the feedstock for the complex, which is expected to be fully operational by 2026.

The White & Case team which advised on the transaction was led by partners Saul Daniel (Singapore) and Vivian Tsoi (Shanghai) and included partners Matthew Osborne (Singapore), Nicole Erb, Richard Burke (both Washington, DC), and Strati Sakellariou-Witt (Brussels), local partners James Hsiao (Hong Kong) and Peiwen Chen (Singapore), counsel Ee Lynn Tan (Singapore), associates Cristian Blumm, Nettie Choo, Gabby Wong, Ostiane Goh-Livorness (all Singapore), Yan Yan, Chunlei Pang, Charlie Zhu, Rita Li, Cong Liu (all Shanghai), Royston Tan, Annie Wan (Hong Kong) and Tommaso Poli (Brussels) and senior legal consultant Frank Shu (Shanghai).

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