Aramco, SINOPEC, and Fujian Petrochemical break ground on new refining and petrochemical project in China

Integrated refining and petrochemical project aims to maximize chemical output

20-Nov-2024

At the groundbreaking ceremony: Aramco Downstream President Mohammed Y. Al Qahtani (L8), Aramco Executive Vice President of Products & Customers Yasser Mufti (R2), Aramco Asia President Saleh Zaid (L3), Secretary of the CPC Fujian Provincial Committee and Chairman of NPC Standing Committee Zhou Zuyi (R8), Chairman and Secretary of the Leading Party Member Group of Sinopec Group Ma Yongsheng (R7), President and Deputy Secretary of the Leading Party Members Group of Sinopec Group Zhao Dong (L7), and Chairman of Fujian Petrochemical Company Limited Zhang Xiguo (R1).

Aramco

Aramco, China Petroleum & Chemical Corporation (SINOPEC), and Fujian Petrochemical Company Limited (FPCL) have broken ground on a new integrated refining and petrochemical complex in Fujian Province, China.

The facility is planned to have a 16 million tons-per-year oil refining unit (320,000 barrels per day), a 1.5 million tons-per-year ethylene unit, a two million tons paraxylene and downstream derivatives capacity, and a 300,000 tons crude oil terminal. FPCL, a 50:50 joint venture between SINOPEC and Fujian Petrochemical Industrial Group Company, will own a 50% stake in the complex, with Aramco and SINOPEC each taking a 25% stake. The project is expected to be fully operational by the end of 2030.

Mohammed Y. Al Qahtani, Aramco Downstream President, said: "Building on our strong relationships with both SINOPEC and Fujian Petrochemical, today's groundbreaking further expands Aramco's 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 Aramco's role as a reliable and long-term partner in China's 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."

Ma Yongsheng, SINOPEC Chairman, said: "Both SINOPEC and Aramco are committed to promoting the high-quality development of the petroleum and petrochemical industry. Aramco's 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."

https://www.chemeurope.com/en/news/1184935/aramco-sinopec-and-fujian-petrochemical-break-ground-on-new-refining-and-petrochemical-project-in-china.html