Aramco further expands its growing investment portfolio in China.
Aramco, one of the world’s leading integrated energy and chemicals companies, China Petroleum & Chemical Corporation (SINOPEC), and Fujian Petrochemical Company Limited (FPCL) have today 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.”
