Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) teamed up with China Petroleum & Chemical Corporation (SINOPEC), and Fujian Petrochemical Company Limited (FPCL) to integrate a refining and petrochemical complex in Fujian Province, China.
The facility is expected to have an annual capacity of 16 million tonne oil refining units (320,000 barrels daily), a 1.50 million tonnes ethylene unit, and a two million tonnes paraxylene and downstream derivatives capacity.
FPCL will own a 50% shareholding in the complex, with Aramco and SINOPEC taking a 25% stake, each.
Meanwhile, the Greenfield project is expected to be fully operational by the end of 2030.
Mohammed Al Qahtani, Aramco Downstream President, said: “We will supply in excess of one million barrels per day of our crude oil to these high chemical conversion assets in China, reinforcing Aramco’s role as a reliable and long-term partner in China’s development.”
Ma Yongsheng, Chairman of SINOPEC, commented: “Aramco's participation supplies long-term reliable and competitive feedstock for the project and further boosts the healthy development of Gulei Petrochemical Base.”
Last September, Aramco penned deals with key Chinese partners to reinforce the Republic’s long-term energy security and development.
