Our presence in China

Fujian Refining and Petrochemical Company Ltd. (FREP)

FREP aims to be a world-class high-tech integrated petrochemical enterprise.

Fujian Refining and Petrochemical Company Ltd. (FREP) is a large-scale petrochemical enterprise. It’s jointly owned by Saudi Aramco and ExxonMobil – each with 25 per cent of the venture – as well as Fujian Petrochemical Company, which owns the remaining 50 per cent.

Officially formed in March 2007, FREP expanded an existing refinery from producing 80,000 to 280,000 barrels per day, and uses some of the world’s most advanced automation technologies to realize the integrated management and control of a digital plant.

The refinery is home to a 1,100,000 tons-per-year ethylene steam cracker, a 960,000 tons-per-year polyethylene unit, a 670,000 tons per year polypropylene unit, as well as an aromatics complex.

This helps it produce high quality petrochemical products, as well as clean energy for China.

For more detailed information, please click JV website.

Sinopec SenMei (Fujian) Petroleum Company (SSPC)

SSPC is a growing retail network and the biggest processed oil supplier in Fujian province.

SSPC sells wholesale and retail motor gasoline, diesel. It’s owned by Saudi Aramco and ExxonMobil – which each hold 22.5 per cent stake – as well as Sinopec, which has a 55 per cent interest.

As the first provincial level transportation fuel marketing joint venture in China, SSPC started operation on July 2007 and now operates in over 1,000 service stations and 17 distribution terminals throughout Fujian Province.

For more detailed information, please click the JV website.

Zhejiang Project

Saudi Aramco aims to acquire a 9% stake in Zhejiang Petrochemical, which is developing a 800,000 barrels per day integrated refinery and petrochemical complex, located in the city of Zhoushan, Zhejiang province.

Zhejiang Petrochemical has four shareholders right now, Rongsheng Petrochemical, Juhua Group, Tongkun Group and Zhoushan Marine Investment Company.

The deal will include Saudi Aramco’s participation in the 400,000 barrels per day refinery of the Zhoushan Petrochemical Greenfield project, and also allows the parties to evaluate potential opportunities for investment in other parts of the value chain. These may include refining and petrochemical production, storage and trade of crude oil and natural gas, retail, as well as distribution of oil products within the Zhejiang Free Trade Zone.

Saudi Aramco–Norinco Refining, Petrochemical and Retail Project

The idea for this project received a major boost during the visit by The Custodian of the Two Holy Mosques King Salman Bin Abdulaziz to China in March 2017, when Saudi Aramco and NORINCO signed the project Memorandum of Understanding (MoU).

With a total investment of over US$ 10 billion, the project will become the largest Sino-foreign JV. Saudi Aramco will hold 35% of the newly formed company, with NORINCO and Panjin holding 36% and 29% respectively.

The Refining and Petrochemical Project will include a 300,000 barrels per day refinery with a 1.5 million metric tonnes per annum (mmtpa) ethylene cracker and a 2.0 mmtpa PX unit. There are additional plans to establish fuel retail business, which will be integrated into the value chain later.

The project significantly expands Saudi Aramco’s footprint in China’s downstream industry, and highlights the paramount importance of the China economy for Saudi Aramco’s future investment. It will also enhance the competitiveness of NORINCO’s petrochemical and value-added chemical derivatives and promote the overall economic revitalization of Liaoning Province.