The second phase of the Fujian Gulei refining and petrochemical integration project kicked off construction on Monday in Fujian province, marking the province's largest industrial investment to date, Chna Daily reported.
The project, a collaboration between China Petrochemical Corp (Sinopec), Saudi Arabian Oil Company (Saudi Aramco) and Fujian Petrochemical Company Limited (FPCL), is expected to be fully operational by 2030, said Sinopec.
The facility plans to have a 16 million tons-per-year oil refining unit (320,000 barrels per day), a 1.5 million tons-per-year ethylene unit, a two million tons paraxylene and downstream derivatives capacity and a 300,000 tons crude oil terminal, it said.
FPCL, a 50/50 joint venture between Sinopec and Fujian Petrochemical Industrial Group Company, will own a 50 percent stake in the complex, with Saudi Aramco and Sinopec each taking a 25 percent stake.
Sinopec and Aramco signed a preliminary agreement to build the complex two years ago.