Complex awaited to supply around five million tons per year of feedstock to Gulei Petrochemical Base
Aramco, one of the world’s main integrated energy and chemicals business, China Petroleum & Chemical Corporation (SINOPEC), and Fujian Petrochemical Company Limited (FPCL) have the day past damaged ground on new integrated refining and petrochemical complex in Fujian Province, China.
The facility is planned to have a sixteen million tons per year oil refining unit (320,000 barrels per day), a 1.5 million tons per year ethylene unit, two million tons paraxylene and downstream derivatives potential, and a 300,000 heaps crude oil terminal. FPCL, a 50:50 joint project between SINOPEC and Fujian Petrochemical Industrial Group Company, will very own a 50% stake within the complex, with Aramco and SINOPEC each taking 25% stake. The venture is awaited to be completely operational by the end of 2030.
Mohammed Y. Al Qahtani, Aramco Downstream President, stated: “Building on our strong relationships with both SINOPEC and Fujian Petrochemical, nowadays groundbreaking further expands Aramco’s growing downstream financing portfolio in China. We will supply in excess of one million barrels per day of our crude oil to those high chemical assets in China, reinforcing Aramco’s position as a dependable and long-time period partner in China’s development. This additionally advances our liquids to chemicals approach, through which we intend to direct extra of our crude towards to assisting meet rising worldwide petrochemicals call.”
Ma Yongsheng, SINOPEC Chairman, said: “Both SINOPEC and Aramco are dedicated to promoting the high quality development of the petroleum and petrochemical industry. Aramco’s participation supplies long-term dependable and competitive feedstock for the venture and similarly boosts the healthy improvement of Gulei Petrochemical Base. Successful cooperation in this venture marks a new milestone in the China-Saudi all-weather strategic partnership, with a focus on greater domestic circulation and in line with the dual circulation strategy.”
