Saudi Aramco has signed several agreements to form joint ventures in China. The deals were done during a visit to Beijing by Saudi Arabia’s Crown Prince Mohammed bin Salman on Feb. 21-22 as part of a three-country tour earlier last week that also took in Iran and Pakistan.

The first agreement will see the Saudi energy giant form a joint venture with China’s Norinco Group and Panjin Sincen to develop a fully integrated refining and petrochemical complex in Panjin, Liaoning province. Aramco will hold 35% in the jv, to be called Huajin Aramco Petrochemical, with Norinco and Panjin holding 36% and 29% respectively.

The project is valued at more than $10 billion, making it the largest Sino-foreign jv to date, according to Aramco. The complex will include a 300,000 bbl/d refinery along with a 1.5 million t/y ethylene plant and a 1.3 million t/y paraxylene unit. Aramco will supply up to 70% of the crude feedstock for the complex, which is expected to start commercial operations in 2024.

There are also plans to establish a fuels retail business. Aramco, North Huajin and Liaoning Transportation Construction Investment Group expect to form a three-party marketing jv by the end of 2019 to develop a network of retail fuel stations in target markets.

Commenting on the agreement, Aramco CEO Amin Nasser called it a clear demonstration of the company’s strategy to move beyond a buyer-seller relationship to one where it can make significant investments to contribute to China’s economic growth and development.

“Our participation in the integrated refining and petrochemical project in Panjin will strengthen our collaborative efforts to enhance energy security, revitalize key growth sectors and industries in Liaoning and also meet rising demand for products and goods in China’s northeast region,” Nasser said.

Aramco also signed three Memoranda of Understanding (MoUs) aimed at expanding its downstream presence in China’s Zhejiang province, one of the country’s most developed regions.

Under the first MoU, Aramco will acquire the Zhoushan government’s 9% stake in Zhejiang Petrochemical’s 800,000 bbl/d integrated refinery and petrochemical complex in Zhoushan.

The second memorandum was signed with Rongsheng Petrochemical, Juhua Group and Tongkun Group, which are the other shareholders in Zhejiang Petrochemical.

The first phase of the proposed complex will include a 400,000 bbl/d refinery with a 1.4 million t/y ethylene plant and a 5.2 million t/y aromatics facility. Under phase two, the refinery will be expanded by 400,000 bbl/d and will undergo a deeper chemical integration than that performed in the previous phase.

Under a third MoU, Aramco and Zhejiang Energy will invest in a retail fuel network in Zhejiang province over the next five years. The retail business will be integrated with Zhejiang Petrochemical’s complex to provide an outlet for the refined products. Nasser said the agreements will further strengthen its relationship with China and Zhejiang province, setting the stage for more cooperation in the future.

Earlier last week, the Crown Prince also pledged a $10 billion investment in a refinery and petrochemical complex in Pakistan.

Aramco is expected to build the complex at Gwadar, Balochistan province, where China is constructing a deep-sea port as part of the Pakistan-China Economic Corridor project.