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The project is expected to be fully operational by the end of 2030
Saudi oil giant Aramco has joined forces with leading Chinese petroleum groups - Sinopec and Fujian Petrochemical Company Limited (FPCL) - to break ground on its integrated refining and petrochemical complex in Fujian Province.
The upcoming facility will boast a 16 million tons-per-year oil refining unit and a 1.5 million tons-per-year ethylene unit in addition to two million tons per year paraxylene and downstream derivatives capacity, and a 300,000 tons crude oil terminal.
FPCL, a joint venture between Sinopec and Fujian Petrochemical Industrial Group Company, will own a 50% stake in the complex, with Aramco and Sinopec each holding a 25% stake.
The project is expected to be fully operational by the end of 2030.
Aramco Downstream President Mohammed Y. Al Qahtani said: "Building on our strong relationships with both SINOPEC and Fujian Petrochemical, todays groundbreaking further expands Aramcos growing downstream investment portfolio in China."
"We will supply in excess of one million barrels per day of our crude oil to these high-chemical-conversion assets in China, reinforcing Aramcos role as a reliable and long-term partner in Chinas development. This also advances our liquids-to-chemicals strategy, through which we intend to direct more of our crude towards helping meet rising global petrochemicals demand," he stated.
Sinopec Chairman Ma Yongsheng said: "Both Sinopec and Aramco are committed to promoting the high-quality development of the petroleum and petrochemical industry. Aramcos participation supplies long-term reliable and competitive feedstock for the project and further boosts the healthy development of Gulei Petrochemical Base."
"Successful cooperation in this project 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," he added.-TradeArabia News Service |
