{"id":85951,"date":"2025-04-29T00:00:00","date_gmt":"2025-04-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/04\/29\/aramco-chinas-sinopec-launch-usd-4-bn-jv-with-focus-on-oil-logistics\/"},"modified":"2025-04-29T00:00:00","modified_gmt":"2025-04-29T00:00:00","slug":"aramco-chinas-sinopec-launch-usd-4-bn-jv-with-focus-on-oil-logistics","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/04\/29\/aramco-chinas-sinopec-launch-usd-4-bn-jv-with-focus-on-oil-logistics\/","title":{"rendered":"Aramco + China\u2019s Sinopec launch USD 4 bn JV with focus on oil logistics"},"content":{"rendered":"

Aramco to form JV with China\u2019s Sinopec:<\/strong> Saudi Aramco and China\u2019s state-owned Sinopec inked an agreement to establish a joint oil logistics venture (JV) with a registered capital of USD 3.95 bn (c. CNY 28.8 bn), Reuters<\/a> reports, quoting Sinopec as saying. The JV \u2014 dubbed Fujian Sinopec Aramco Refining and Petrochemical Co \u2014 will cover port operation and crude oil transportation at their planned joint refinery and petrochemical complex, which is now under construction in China\u2019s Gulei Port Economic Development Zone in the Fujian province. <\/p>\n

Who owns what?<\/strong> The agreement was inked between Aramco\u2019s Asia arm Aramco Asia Singapore and Fujian Petroleum Chemical Industry Co \u2014 a JV between Sinopec and the Fujian government. Aramco Asia Singapore and Sinopec will each supply 25% of the JV\u2019s registered capital, while Fujian Petroleum Chemical Industry will contribute the remaining CNY 14.4 bn in cash.<\/p>\n

REMEMBER- <\/strong>Aramco and Sinopec kicked off construction work<\/a> at a refinery and petrochemical complex in southeast China\u2019s Fujian province back in November 2024, with operations expected to begin in 2030.<\/p>\n

Project profile:<\/strong> The new refining hub is situated in Zhangzhou city\u2019s Gulei industrial park and 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. 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 state-owned oil giant is \u201crecalibrating\u201d its petrochemicals portfolio<\/a> and shifting its focus towards Asia, with the firm pursuing several downstream oil investments in China 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. The Saudi major has set its sights on supplying 1 mn bbl \/ d of crude to China to support petrochemical production investments.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 in Fujian province<\/p>\n","protected":false},"author":1,"featured_media":85952,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[45],"tags":[239,248,44,130,31],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-aramco","tag-china","tag-investment-watch","tag-logistics-handling","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"c19c58cc-c5be-4137-b480-f88d973b0db9","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1220.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco + China\u2019s Sinopec launch USD 4 bn JV with focus on oil logistics","related_issue":[85946],"teaser":"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 in Fujian province","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.6a04ea09-837e-4378-959d-6732c68209b8.mp3"},"yoast_head":"\nAramco + China\u2019s Sinopec launch USD 4 bn JV with focus on oil logistics - 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