FPCL, Sinopec & Aramco Establish JV For Chinese Refining and PC Complex
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Fujian Petrochemical Co. Ltd. (FPCL), Sinopec and Aramco have formed a joint venture, Fujian Aramco Re-fining and Petrochemical Co., to develop a large-scale integrated refining and petrochemical complex in Fu-jian Province, China, as per Polymerupdate.
The project, first announced last November, will in-clude a 16-million-t/y crude oil refining unit, a 1.5-million-t/y ethylene facility, paraxylene and down-stream derivatives capacity of 2-million t/y, and a 300,000-t/y crude oil terminal. Operations are expected to begin by the end of 2030.FPCL, a 50-50 partnership between Sinopec and Fujian Petrochemical Industrial Group, holds an equity interest of 50% in the new joint venture, with Sinopec and Aramco each holding 25% stakes.This project represents further progress in Aramco's strategic downstream expansion, which aims to capture additional value through both portfolio diversi-fication and business integration, said Aramco Down-stream President Mohammed Y. Al Qahtani.We see significant petrochemical demand growth potential in China, and we are delighted to be an active participant in this key market.
In July 2023, Aramco completed the acquisition of a 10% stake in Rongsheng Petrochemical Co. (Hangzhou) for 24.6 billion yuan (USD3.5 billion), including the supply of 480,000 barrels of oil per day to Rongsheng-affiliated Zhejiang Petroleum and Chemical.
mrchub.com
The project, first announced last November, will in-clude a 16-million-t/y crude oil refining unit, a 1.5-million-t/y ethylene facility, paraxylene and down-stream derivatives capacity of 2-million t/y, and a 300,000-t/y crude oil terminal. Operations are expected to begin by the end of 2030.FPCL, a 50-50 partnership between Sinopec and Fujian Petrochemical Industrial Group, holds an equity interest of 50% in the new joint venture, with Sinopec and Aramco each holding 25% stakes.This project represents further progress in Aramco's strategic downstream expansion, which aims to capture additional value through both portfolio diversi-fication and business integration, said Aramco Down-stream President Mohammed Y. Al Qahtani.We see significant petrochemical demand growth potential in China, and we are delighted to be an active participant in this key market.
In July 2023, Aramco completed the acquisition of a 10% stake in Rongsheng Petrochemical Co. (Hangzhou) for 24.6 billion yuan (USD3.5 billion), including the supply of 480,000 barrels of oil per day to Rongsheng-affiliated Zhejiang Petroleum and Chemical.
mrchub.com