Saudi Aramco deepens investment in China as Sino-Saudi Aramco ethylene project advances in full swing

Zhongshagulei ethylene project, with a total investment of 44.8 billion yuan, is another important practice of docking the "Belt and Road Initiative" initiative with Saudi Arabia's "2030 Vision. Since the full launch of the main project in 2024, the project has progressed rapidly. During the Spring Festival, more than 200 builders still stick to their posts and carry out civil engineering finishing and steel structure installation.

As an important shareholder of the project, Saudi Aramco relies on the Sino-Sagore project to further increase its investment in Asia, especially China. Saudi Aramco promises to help China's chemical industry enhance its international competitiveness with its high-quality crude oil with low carbon intensity.

at the same time, the second phase of Fujian Gulei refining and chemical integration project was officially started on November 18, 2024. The project, with a total investment of 71.1 billion yuan, is jointly constructed by Sinopec, Fujian Refining and Chemical and Saudi Aramco, including more than 30 refining units such as 16 million tons/year oil refining, 1.5 million tons/year ethylene and 2 million tons/year aromatics. After the completion of the project, it will provide stable and high-quality raw materials for the Gulei petrochemical base and promote the development of the petrochemical industry in the direction of high-end, intelligent and green.

Yao Jiangshui, deputy director of the Commerce Bureau of

Gulei Development Zone, said that the smooth implementation of the second phase of the Gulei Refining and Chemical Project will give full play to the leading role of the oil head, enhance the supply capacity of raw materials such as olefins and aromatics, and maximize and intensive use of resources. Take the 800000-ton/year ethylene plant in the first phase of Gulei Refining and Chemical Company as an example. About 60% of the raw material light naphtha required for the plant is provided by Fuhaichuang, an enterprise in the park. The implementation of the second phase of the project will completely solve the problem of outsourcing raw materials.

During the Spring Festival in, in order to make the builders feel at ease, Fujian Zhongsha Petrochemical Co., Ltd. and its contractors prepared new year's goods for the employees who stick to their posts, and supported the employees in key positions to invite their families to "reverse visit relatives". Liu Zhenjun, the project manager of the construction unit, said that during the Spring Festival, scaffolders, carpenters, and steel reinforcement workers have been arranged according to the needs of the construction site. All machinery and materials have been in place and will not affect the continuity of construction.

, in terms of project construction, the polycarbonate (PC) and bisphenol A(BPA) joint plant of the Zhongshagulei project has completed 90% offline review of the three-dimensional model, marking an important milestone node in the project. Xu Jianping, vice chairman of Fujian Zhongsha Petrochemical Co., Ltd., said when attending the company's annual meeting that in 2024, the project has completed a series of work such as final investment decision, contract award, and full start of the main project, and the project construction has been carried out in an orderly manner.

Saudi Aramco remains committed to helping China achieve its "Double Carbon" goal. The carbon intensity value of Saudi Aramco crude oil is the lowest among the top ten oil-producing countries, which helps to reduce the carbon tariff of end products exported to the EU and enhance the international competitiveness of Chinese chemical products. Haisen, vice president of Fujian United Petrochemical, said that if the carbon intensity of crude oil imported by China can be reduced to the level of Saudi Aramco, it will mean that 0.125 billion tons of carbon can be reduced every year. In addition, this will also create more carbon tariff relief benefits for downstream chemical products.

as the world's largest crude oil importer, imports 0.553 billion tons of crude oil in 2024. With its low-carbon intensity crude oil, Saudi Aramco promotes China to achieve the "double carbon" goal from the source, and contributes to the green transformation and high-quality development of China's petrochemical industry.