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Sinopec Corp said on Monday that the company and Saudi Aramco have started constructing a refinery and petrochemical complex in southeast China’s Fujian province.
The new venture includes a 16 million metric ton-per-year (tpy), or 320,000 barrels per day refinery, a 1.5 million tpy ethylene plant, a 2 million paraxylene facility as well as a 300,000 tonnage crude oil terminal, Sinopec said in a statement.
Fujian Petrochemical – a joint venture between Sinopec and the Fujian government – will hold a 50% stake in the venture, and Saudi Aramco and Sinopec will each own 25%, Sinopec said.
The project is slated to become operational in 2030, and once in production, it will be able to supply 5 million tons of petrochemical feedstocks annually.
Sinopec did not provide details on the investment value of the project.
Sinopec and Aramco signed a preliminary agreement to build the complex two years ago.
