- Heads of agreement signed with Sinopec for Gulei II integrated complex
- 320,000 barrels-per-day refinery and 1.5 million tons-per-year petrochemical cracker
- Aramco, Sinopec and SABIC agree MoU for petrochemical project in Yanbu
The Saudi Arabian Oil Company (“Aramco” or “the Company”), one of the world's leading integrated energy and chemicals companies, China Petroleum and Chemical Corporation (“Sinopec”) and SABIC, are exploring collaboration across refining and petrochemical projects in China and Saudi Arabia.
Aramco and Sinopec, one of the world's largest energy and petrochemical corporations, have signed heads of agreement for a greenfield project in Gulei, Fujian Province, which plans to include a 320,000 barrels-per-day refinery and 1.5 million tons-per-year petrochemical cracker complex. It is expected to commence operations by the end of 2025.
Additionally, Aramco, SABIC and Sinopec signed a Memorandum of Understanding (MoU) on December 15, to study the economic and technical feasibility of developing a new petrochemical complex to be integrated with an existing refinery in Yanbu, Saudi Arabia.
Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said: “These projects represent an opportunity to contribute to a modern, efficient and integrated downstream sector in both China and Saudi Arabia. They also underpin our long-term commitment to remain a reliable supplier of energy and chemicals to Asia's largest economy.”
The announcements support Aramco's role as a reliable energy supplier to China as the company seeks to expand its liquids to chemicals capacity to up to 4 million barrels per day by 2030. The collaboration also aligns with Sinopec's vision to become a world-leading energy and petrochemical corporation, providing quality products and reliable energy to benefit the lives of people worldwide.