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

Aramco, China Petroleum & Chemical Corporation (SINOPEC), and Fujian Petrochemical Company Limited (FPCL) today broke 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 2 million-ton 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.

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 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.
— Mohammed Y. Al Qahtani, Aramco Downstream president

“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,” added Al-Qahtani.

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.” 

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