{"id":96490,"date":"2025-04-29T00:00:00","date_gmt":"2025-04-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/04\/29\/aramco-unit-secures-usd-4-bn-jv-with-chinas-sinopec\/"},"modified":"2025-04-29T00:00:00","modified_gmt":"2025-04-29T00:00:00","slug":"aramco-unit-secures-usd-4-bn-jv-with-chinas-sinopec","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/04\/29\/aramco-unit-secures-usd-4-bn-jv-with-chinas-sinopec\/","title":{"rendered":"Aramco unit secures USD 4 bn JV with China\u2019s Sinopec"},"content":{"rendered":"

Aramco unit to form JV with China\u2019s Sinopec:<\/strong> Aramco Asia Singapore \u2014 a Saudi Aramco unit \u2014 inked an agreement with China\u2019s state-owned Sinopec and its unit Fujian Petrochemical, to establish a USD 4 bn joint venture called the Fujian Sinopec Aramco Refining and Petrochemical Co, Reuters<\/a> reported yesterday, citing a statement by Sinopec.<\/p>\n

The details: <\/strong>The JV will cover port operation and crude oil transportation at their joint refinery and petrochemical complex in China\u2019s Gulei Port Economic Development Zone, at Zhangzhou in southeast China\u2019s Fujian province.<\/p>\n

Who owns what?<\/strong> Sinopec is slated to put up CNY 7.2 bn (USD 1 bn), while Fujian Petroleum Chemical Industry will contribute CNY 14.4 bn (USD 2 bn) in banknotes, the newswire notes. Aramco Asia Singapore will supply the remaining amount \u2014 amounting to 25% of the JV\u2019s registered capital.<\/p>\n

SOUNDS FAMILIAR?<\/strong> Aramco and Sinopec kicked off construction work<\/a> at a USD 9.82 bn refinery and petrochemical complex in the Fujian province back in November \u2014 with operations expected to begin in 2030. Aramco and Sinopec each hold a 25% stake in the venture, while Fujian Petrochemical holds the remaining 50%.<\/p>\n

Project profile: <\/strong>The new refining hub includes a 320k bbl \/ d refinery, ethylene and paraxylene plants, as well as a 300k-ton crude oil terminal. Once operational, the facility is expected to supply some 5 mn tons of petrochemical feedstocks a year.<\/p>\n

ICYMI- <\/strong>The initiative is separate from another USD 6.4 bn Sabic refining complex<\/a> that is also situated in Gulei industrial park, Reuters explained.<\/p>\n

Aramco is doubling down on downstream assets in China:<\/strong> The oil giant is \u201crecalibrating\u201d<\/a>its petrochemicals portfolio<\/a> and shifting its focus towards Asia, with the firm pursuing several downstream oil investments in China that look to lock in demand for Saudi crude in the long run. Aramco also sees demand for plastics and other petroleum derivatives growing in Asia and is angling for a larger market share in those markets. Saudi Aramco has set its sights on supplying 1 mn bbl \/ d of crude to China to supply petrochem investments.<\/p>\n","protected":false},"excerpt":{"rendered":"

The JV will cover port operation and crude oil transportation at their joint complex in Fujian<\/p>\n","protected":false},"author":1,"featured_media":96491,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2570],"tags":[139,2425,10,310],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-aramco","tag-energy","tag-enterpriseam-ksa","tag-sinopec","wpautop","entry"],"acf":{"mongo_id":"f7410a77-6ec4-4f31-a1d6-d985edeb5199","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1753.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco unit secures USD 4 bn JV with China\u2019s Sinopec","related_issue":[96485],"teaser":"The JV will cover port operation and crude oil transportation at their joint complex in Fujian","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.c4f83008-0cb6-412b-ace6-99fced2f92a7.mp3"},"yoast_head":"\nAramco unit secures USD 4 bn JV with China\u2019s Sinopec - 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