Saudi Aramco, China Petroleum and Chemical Corporation (Sinopec) and Sabic will explore setting up a petrochemical complex to be integrated with an existing refinery in Yanbu and build a greenfield project in Gulei, in China’s Fujian Province.
For the Yanbu project, the entities have signed a Memorandum of Understanding (MoU) to study the economic and technical feasibility of developing a petchem complex.
Heads of agreement
Aramco, one of the world’s leading integrated energy and chemicals firms, and Sinopec, one of the world’s largest energy and petrochemical corporations, have signed heads of agreement for the greenfield project in China with plans to include a 320,000 barrels-per-day refinery and 1.5 million tonnes-per-year petrochemical cracker complex. It is expected to commence operations by the end of 2025.
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.”
Reliable energy supplier to China
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.-- TradeArabia News Service
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