Saudi Arabian Oil Company (Aramco), China Petroleum and Chemical Corporation (Sinopec) and SABIC, have agreed to jointly explore refining and petrochemical opportunities in China and Saudi Arabia.
A heads of agreement has been signed between Aramco and Sinopec for a greenfield project in Gulei, Fujian Province.
The Gulei II integrated complex will involve a 320,000 barrels-per-day refinery and 1.5 million tonnes-per-year petrochemical cracker complex. It is planned to be commissioned by the end of 2025.
Furthermore, the three firms signed a memorandum of understanding (MoU) to assess the economic and technical feasibility of developing a new petrochemical complex in Saudi Arabia.
The proposed project will be integrated with an existing refinery in Yanbu.
Aramco downstream senior vice-president Mohammed Al Qahtani 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.”
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Aramco said the latest moves will contribute to its plan to expand its liquids to chemicals capacity to up to four million barrels per day by the end of this decade.
In a press statement Aramco said: “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.”