BEIJING: Panjin, Liaoning province, will play a strong role in the Belt and Road Initiative and facilitate the development of the province as a pivotal hub for reform and openingup in East Asia, the city’s top official told China Daily.
Xing Peng, mayor of Panjin and a deputy to the National People’s Congress, China’s top legislature, said the city will serve as a model of cooperation between China and Saudi Arabia through the Huajin Aramco Petrochemical Co, an energy collaboration project promoted by the leaders of the two countries.
With a total planned investment of 83.7 billion yuan ($11.62 billion), the project involves the construction of 32 processing facilities with an annual refining capacity of 15 million metric tons.
The project is a strategic initiative to ensure national energy security and will be a powerful engine that drives local economic development, Xing said during the ongoing two sessions, the annual meetings of the NPC and the National Committee of the Chinese People’s Political Consultative Conference.
The project is designed to upgrade the entire chain of Panjin’s petrochemical industry from crude oil to organic chemicals.
Once completed, it will play a major role in Liaoning’s plan to become a worldclass petrochemical and fine chemical industrial base, he said. –The Daily Mail-China Daily news exchange item
