Aramco, Sinopec, and FPCL launch joint venture to build a large-scale refining and petrochemical complex in Fujian, strengthening China’s energy security.
Aramco, a global leader in integrated energy and chemical solutions, has joined forces with China Petroleum & Chemical Corporation (Sinopec) and Fujian Petrochemical Company Limited (FPCL) to establish a new joint venture. The partnership, officially named Fujian Sinopec Aramco Refining and Petrochemical Co., Ltd., will focus on developing and managing a large-scale integrated refining and petrochemical complex in China’s Fujian province.
The creation of this joint venture was formalized through an agreement signed by the three companies, marking a significant step forward in their long-standing collaboration. The initiative emphasizes the collective commitment of Aramco, Sinopec, and FPCL to enhancing China’s energy security while supporting the nation’s long-term economic development goals. Originally announced in November 2024, the new complex is targeted to become fully operational by the end of 2030.
Speaking about the venture, Mohammed Y. Al Qahtani, President of Aramco Downstream, highlighted that the project reflects Aramco’s ongoing downstream expansion strategy. This strategy aims to maximize value through portfolio diversification and greater integration across refining and petrochemical operations. He stressed that China presents strong growth potential in petrochemical demand and reaffirmed Aramco’s commitment to serving this dynamic market. Al Qahtani also underlined that the venture further strengthens ties with Chinese partners, reinforcing their joint confidence in China’s economic prospects and their shared ambition to drive sustainable, high-quality industrial growth.
The upcoming facility will be a state-of-the-art integrated complex with several major components. These include a crude oil refining unit capable of processing 16 million tons per year, which equates to about 320,000 barrels per day. The complex will also house an ethylene unit with a capacity of 1.5 million tons annually, a paraxylene and downstream derivatives capacity of 2 million tons per year, and a crude oil terminal with 300,000 tons of storage capacity. Together, these assets are expected to significantly contribute to meeting China’s growing demand for refined and chemical products.
In terms of ownership, FPCL—formed as a 50:50 joint venture between Sinopec and Fujian Petrochemical Industrial Group Company—will hold 50% equity in the newly formed company. Aramco and Sinopec will each retain a 25% stake, reinforcing balanced participation among the partners.
This collaboration is not the first between Aramco and Sinopec in China. It represents their third major manufacturing venture following the establishment of the Fujian Refining & Petrochemical Company (FREP) in 2007 and the Sinopec SABIC Tianjin Petrochemical Company (SSTPC) in 2009. In addition, this marks the fifth overall joint venture between the two corporations, extending their cooperation not only within China but also on a broader international scale.
The new project signals a milestone in deepening bilateral energy and industrial partnerships, while also reflecting a shared commitment to fostering innovation, economic development, and sustainable growth in one of the world’s largest and most important energy markets.
