Saudi Aramco, China North Industries Corp. (Norinco) and Panjin Xincheng Industrial Group have signed a joint development agreement and held a groundbreaking ceremony for a new refining and petrochemical integration base in Panjin, China. According to Reuters, citing an industry official with knowledge of the agreement, the project includes a 300 kbpd refinery and a 1 mta ethylene complex and is estimated to cost about USD 10 billion.