• Greenfield mission is anticipated to be totally operational via finish of 2030 
• Built-in refining and petrochemical mission objectives to maximise chemical output 
• Complicated anticipated to offer round 5 million lots in keeping with yr of feedstock to Gulei Petrochemical Bottom

DHAHRAN, Saudi Arabia, Nov. 18, 2024 /PRNewswire/ — Aramco, one of the vital global’s well-known built-in power and chemical substances firms, China Petroleum & Chemical Company (SINOPEC), and Fujian Petrochemical Corporate Restricted (FPCL) have these days damaged grassland on a pristine built-in refining and petrochemical advanced in Fujian Province, China.

The power is deliberate to have a 16 million tons-per-year oil refining unit (320,000 barrels in keeping with while), a 1.5 million tons-per-year ethylene unit, a two million lots paraxylene and downstream derivatives capability, and a 300,000 lots crude oil terminal. FPCL, a 50:50 three way partnership between SINOPEC and Fujian Petrochemical Business Staff Corporate, will personal a 50% stake within the advanced, with Aramco and SINOPEC each and every taking a 25% stake. The mission is anticipated to be totally operational via the tip of 2030.

Mohammed Y. Al Qahtani, Aramco Downstream President, mentioned: “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.”  

Ma Yongsheng, SINOPEC Chairman, mentioned: “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.”

@aramco

About Aramco

Aramco is an international built-in power and chemical substances corporate. We’re pushed via our core trust that power is alternative. From generating roughly one in each and every 8 barrels of the sector’s oil provide to growing pristine power applied sciences, our international staff is devoted to making have an effect on in all that we do. We center of attention on making our sources extra loyal, extra sustainable and extra helpful. This is helping advertise steadiness and long-term expansion around the globe. www.aramco.com 

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