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Saudi oil giant Aramco, China Petroleum & Chemical Corporation (SINOPEC), and Fujian Petrochemical Company Limited (FPCL) on Monday began constructing a new integrated refining and petrochemical complex in China’s southern Fujian Province.
The complex will include a 16 million ton-per-year refinery, a 1.5 million ton-per-year ethylene plant, a 2 million ton paraxylene and derivatives facility, and a 300,000-ton crude oil terminal, according to a joint statement from the companies.
The FPCL, a joint venture between Sinopec and Fujian Petrochemical Industrial Group Company, will own half of the complex, with Aramco and Sinopec each taking a 25% stake, the statement added.
The project is expected to be fully operational by the end of 2030.
