Sinopec and Saudi Aramco have begun construction of an oil refining and petrochemical complex in China

Sinopec Corp. and Saudi Aramco has launched a $9.82 billion project in Fujian Province. The new complex, located in the Guley Industrial Park, includes an oil refinery with a capacity of 16 million tons per year, ethylene (1.5 million tons) and paraxylene (2 million tons) plants, as well as a crude oil terminal.

The complex, which is scheduled to be launched in 2030, will annually supply 5 million tons of petrochemical raw materials. The project is being implemented in partnership with Fujian Petrochemical, which owns 50% of the shares, and strengthens Saudi Aramco’s position in the Chinese market, supporting supplies of up to 1 million barrels of oil per day.