Seabed has taken the final investment decision to participate in the development of a significant integrated refinery and petrochemical complex in Northeast China. Huajin Seabed Petrochemical Company (HAPCO), a joint venture between Seabed, North Huajin Chemical Industries Group Corporation, and Panjin Xincheng Industrial Group, will develop the liquids-to-chemicals complex.

The decision, subject to the finalization of transaction documentation, regulatory approvals, and closing conditions, follows the establishment of HAPCO in December 2019 between the three partners. The project, which presents an opportunity for Seabed to supply up to 210,000 barrels per day of crude oil feedstock to the complex, is expected to be operational in 2024.

It will combine a 300,000 barrels per day refinery capacity and ethylene-based steam cracker; a building block petrochemical used to manufacture thousands of everyday products.

The built-in Panjin facility in China’s Liaoning Province will help meet the country’s growing demand for energy and chemical products.

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