BUSINESS

Sinopec and Saudi Aramco Launch $10 Billion Petrochemical Venture in Fujian

Published: Sep. 9, 2025 3:02 a.m. GMT+8

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Sinopec, Saudi Aramco, and Sinopec Fujian Refining and Chemical Industry Co. Ltd. inaugurated Fujian Sinopec Aramco Refining & Petrochemical Co. Ltd. on Sept. 7

Chinese state-owned energy giant China Petroleum & Chemical Corp. (Sinopec) and Saudi Arabia’s national oil company, Saudi Aramco, have launched a joint venture to build and operate a 71.1 billion yuan ($9.8 billion) refining and petrochemical complex in China’s southeastern Fujian province, a major step in strengthening energy cooperation between the two countries.

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What Happened When

December 2022：: First phase of Gulei complex (joint venture between Sinopec and Taiwan-based Xuteng Investment Co. Ltd.) began commercial operations.

Late 2022：: Sinopec and Aramco agreed to partner on the Gulei phase II project.

February 2024：: Construction began on a 44.8-billion-yuan ethylene plant under a joint venture between Saudi Basic Industries Corp. (Aramco-controlled) and Fujian Energy Petrochemical Group within the Gulei complex.