Energy Aramco starts work on mega petrochem complex in China By Pramod Kumar November 19, 2024, 10:06 AM Aramco Company executives at the opening ceremony for the new complex in Fujian Province, expected to start operating in 2030 Saudi Aramco has started constructing a new integrated refining and petrochemical complex in Fujian Province in China as part of its liquids-to-chemicals strategy. The complex is being developed with China Petroleum & Chemical Corporation (Sinopec) and Fujian Petrochemical Company Limited (FPCL). The facility will have a 16 million tonnes-per-year, or 320,000 barrels per day, oil refining unit; a 1.5 million tonnes-per-year ethylene unit, a two million tonnes paraxylene and downstream derivatives capacity and a 300,000 tonnes crude oil terminal. FPCL will own a 50 percent stake in the complex, with Aramco and Sinopec each taking a 25 percent stake. The project is expected to be fully operational by the end of 2030. No financial details were disclosed. Aramco downstream president Mohammed Al Qahtani said it advances the company’s liquids-to-chemicals strategy, “through which we intend to direct more of our crude towards helping meet rising global petrochemicals demand”. Last month Saudi Aramco projected oil market growth in 2025 of 1.5 percent, driven by fundamental growth in China. In April the oil giant began talks to acquire a 10 percent stake in Hengli Petrochemical Company, owner of a 400,000 barrel-a-day refinery and chemicals complex in Liaoning, north-east China. Aramco’s CEO Amin Nasser has previously maintained that Aramco was proud to be one of China’s most reliable energy suppliers and stressed that the company was committed to China’s long-term energy security. He added that Sabic, a subsidiary of Aramco, was building on its strength in the chemicals sector.
