The launch ceremony of an ambitious petrochemical project was held in Fujian province, China, marking a strategic collaboration between Aramco, Sinopec and Fujian Petrochemical Company Limited (FPCL). This integrated refining and petrochemical complex is expected to strengthen the production capacity of these companies and support the sector's growth objectives.
The site, which is expected to be fully operational by the end of 2030, includes a 16 million tonne per year refining unit, equivalent to 320,000 barrels per day. It will also integrate an ethylene production unit of 1.5 million tonnes per year, a paraxylene capacity of two million tonnes and downstream derivatives. In addition, an oil terminal with a capacity of 300,000 tonnes will be built to ensure a regular supply of raw materials.
Strategic partnerships and sharing of responsibilities
FPCL, a 50/50 joint venture between Sinopec and Fujian Petrochemical Industrial Group, has a 50% stake in the project. Aramco and Sinopec share the remaining 50%, each with a 25% stake. This partnership reflects a vertical integration strategy, strengthening the supply and use of petroleum resources in the region.
Mohammed Y. Al Qahtani, Chairman of Aramco Downstream, highlighted the importance of this collaboration, saying: “Today, we are strengthening our downstream investment portfolio in China, while consolidating our role as a reliable and sustainable partner . This project is also part of our strategy to convert hydrocarbons into chemicals to meet growing global demand. »
A project aligned with Chinese economic priorities
For China, this complex supports its “dual circulation” strategy, which aims to stimulate internal consumption while strengthening its commercial partnerships. Ma Yongsheng, Chairman of Sinopec, highlighted the benefits of this collaboration: “Aramco provides a reliable supply of raw materials, contributing to the development of the Gulei petrochemical site and strengthening our Sino-Saudi strategic partnership. »
At the same time, this project responds to the growing needs for chemicals in international markets while contributing to a more stable and competitive energy supply chain.
This development marks a new stage in the economic relationship between China and Saudi Arabia, consolidating their long-term energy partnership and promoting mutual expansion of their industrial capabilities.
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