The new joint venture was formed through an agreement signed between Aramco, Sinopec, and FPCL. Its establishment reflects the long-standing relationship between the parent companies, and underlines their ongoing contribution to China’s energy security and economic growth. The new complex, which was first announced in November 2024, is expected to be operational by the end of 2030.
Aramco Downstream President Mohammed Y. Al Qahtani delivered his keynote speech at the joint venture inauguration ceremony held in Xiamen, southeast China’s Fujian province, 7 September 2025.
Mohammed Y. Al Qahtani, Aramco Downstream President, said: “This project represents further progress in Aramco’s strategic downstream expansion, which aims to capture additional value through both portfolio diversification and business integration. We see significant petrochemical demand growth potential in China, and we are delighted to be an active participant in this key market. The new joint venture also strengthens bonds with our Chinese partners, reflecting our shared confidence in the future of China’s economy and our collective determination to contribute to high-quality development and sustainable growth.”
The joint venture will oversee construction and operation of an integrated refining and petrochemical complex that will include a 16 million tpy crude oil refining unit (equivalent to 320 000 bpd); a 1.5 million tpy ethylene unit; a paraxylene and downstream derivatives capacity of 2 million tpy; and a 300 000 t capacity crude oil terminal.
FPCL, a 50:50 partnership between Sinopec and Fujian Petrochemical Industrial Group Co., holds an equity interest of 50% in the new joint venture, with Aramco and Sinopec each holding 25% stakes.
The project represents the third major manufacturing collaboration between Aramco and Sinopec in China, following the launch of the Fujian Refining & Petrochemical Company (FREP) project in 2007, and Sinopec SABIC Tianjing Petrochemical Company (SSTPC) in 2009. It is also the fifth joint venture between Aramco and Sinopec, extending their cooperation in refining and chemicals both in China and internationally.