Aramco, SINOPEC and FPCL Break Ground on New Petrochemical Project
Aramco continues to expand its investment portfolio in China.
Aramco, one of the world's leading integrated energy and chemicals companies, along with China Petroleum & Chemical Corporation (SINOPEC) and Fujian Petrochemical Company Limited (FPCL), held a groundbreaking ceremony for a new integrated refinery and petrochemical complex in Fujian Province, China.
The facility is planned to comprise an oil refinery unit with annual capacity of 16 million tons (320,000 barrels per day), an ethylene unit with capacity of 1.5 million tons, paraxylene and downstream derivatives with capacity of two million tons, and a crude oil terminal with capacity of 300,000 tons. FPCL, a 50-50 joint venture between SINOPEC and Fujian Petrochemical Industrial Group Company, will hold a 50% stake in the complex; Aramco and SINOPEC will each hold a 25% stake. The project is expected to reach full operational capacity by the end of 2030.
Aramco Downstream President Mohammed Y. Al Qahtani stated, "Building on our strong relationships with SINOPEC and Fujian Petrochemical, today's groundbreaking ceremony further expands Aramco's growing downstream investment portfolio in China. We will supply more than one million barrels per day of our crude oil to these facilities with high chemical conversion capacity in China, reinforcing Aramco's role as a reliable and long-term partner in China's development. Additionally, this advances our strategy of transitioning from liquids to chemicals, as we aim to direct more of our crude oil in this direction to meet rising global petrochemical demand."
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