China, Saudi JV project starts construction

The new integrated refining and petrochemical complex in Fujian — the province's largest industrial investment to date that kicked off construction on Monday — underscores the deepening ties between China and Saudi Arabia in the energy sector, said industry experts and company executives.

The second phase of the Fujian Gulei integrated refining and petrochemical project, a collaboration between China Petroleum &Chemical Corp (Sinopec), Saudi Arabian Oil Co (Saudi Aramco) and Fujian Petrochemical Co Ltd (FPCL), is expected to be fully operational by 2030, said Sinopec.

The facility, a significant milestone in China-Saudi energy collaboration, aims to have a 16 million ton-per-year (320,000 barrels per day) oil refining unit, a 1.5 million ton-per-year ethylene unit, 2 million tons in paraxylene and downstream derivatives capacity, and a 300,000-ton crude oil terminal, it said.