China’s Sinopec Announces $3.9 Billion Joint Venture with Aramco Asia Singapore

China’s Sinopec announced on Monday the signing of an agreement with Aramco Asia Singapore, a subsidiary of Saudi Aramco, to establish a joint venture to develop a refinery and petrochemical complex called Gulei II in China’s Fujian Province.

The project’s registered capital is $3.9 billion, with Sinopec and Aramco Asia each contributing 25%, while Sinopec’s Fujian Petrochemical unit will contribute the remaining 50%.

Sinopec stated that the new partnership aims to enhance the integration of refining and petrochemical operations and enhance regional competitiveness.

The project is scheduled to be located within the Gulei Port Economic Development Zone in Fujian, as a new and integrated project in this vital sector.