Saudi Aramco, Sinopec and Exxon Mobil have started the commercial operation of the first Sino-foreign joint venture combining refining and petrochemical operations.
The facility, located in Quanzhou in the southeast China's Fujian Province, will triple Fujian's annual oil refining capacity to 12 million tonnes. The upgraded refinery primarily refines and processes sour Arabian crude.
The complex also includes an 800,000-tonne-per-year ethylene cracking facility, an 800,000-tonne-per-year polyethylene unit, a 400,000-tonne-per-year polypropylene unit and a 700,000-ton-per-year paraxylene/aromatic hydrocarbon unit.
It is estimated its sales revenues will exceed US$8.8 billion per year.
Fujian Petrochemical Company, a 50-50 joint venture between Sinopec and Fujian provincial government, holds 50 percent stake in the $4.9billion plant. Exxon Mobil and Saudi Aramco hold a 25% stake each.
Su Shulin, Sinopec's chairman, said the full commercial operation of the project will meet the ever growing demand for petroleum and petrochemical products.
"Sinopec adheres to the principle of complementary advantages, long-term partnership and mutual benefits, and is actively seeking opportunities to cooperate with multi-national companies," he said.