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

The facility is planned to have a 16 million tpy oil refining unit (320 000 bpd), a 1.5 million tpy ethylene unit, a two million tons paraxylene and downstream derivatives capacity, and a 300 000 t crude oil terminal. FPCL, a 50:50 joint venture (JV) 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 1 million bpd 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."

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/19112024/aramco-sinopec-and-fujian-petrochemical-break-ground-on-new-refining-and-petrochemical-project/