The second phase of the Fujian Gulei Refining and Chemical Integration Project, with a total investment of 71.1 billion yuan, has started construction
On November 18th, the second phase of the Fujian Gulei Refining and Chemical Integration Project, the largest industrial project in terms of investment scale in Fujian Province to date, with a total investment of 71.1 billion yuan, broke ground.
This project is jointly constructed by Sinopec, Fujian Refining & Chemical Company and Saudi Aramco. It is expected to be fully operational by 2030. Once completed, it will provide 5 million tons of raw materials to the Gulei Petrochemical Base annually, further improving the industrial chain of the Gulei Petrochemical Base and promoting the high-end, intelligent and green development of the petrochemical industry.
This project is an important component of the new pattern of three-dimensional energy cooperation between China and Saudi Arabia. It is planned to build 16 million tons/year oil refining, 1.5 million tons/year ethylene, 2 million tons/year para-xylene and downstream derivatives facilities, as well as a 300,000-ton crude oil terminal and other supporting projects. It is understood that this project adopts advanced and mature technologies. Many of its process technologies are globally leading, and five of its patented technologies are major technologies encouraged by the state. This effectively reduces project investment, energy consumption and enhances efficiency.
After the project is completed, the 16 million tons of oil refining and downstream facilities will be able to produce 2.88 million tons of oil products such as jet fuel and Marine fuel oil, and 12.7 million tons of chemical products such as polyolefins per year. This project will further promote the high-end, chain-based and clustered development of the Gulei Petrochemical Base, fill the "oil head" of the Gulei Petrochemical Base, and effectively solve the raw material source problem of the Gulei Petrochemical Base project. Give full play to the unique geographical advantages, provide high-quality raw materials for Taiwan-funded and other enterprises to invest and develop the downstream high-end product industrial chain in the park, promote the in-depth integration of the petrochemical industry on both sides of the Taiwan Strait, and contribute to the high-quality development of Fujian's trillion-yuan pillar industry of petrochemical and chemical engineering.
In October 2022, Sinopec and Saudi Aramco signed a cooperation framework agreement for the second phase of the Fujian Gulei Refining and Chemical Integration Project. On July 16th of this year, it was officially approved by the Development and Reform Commission of Fujian Province for joint construction by Sinopec, Fujian Refining & Chemical Company and Saudi Aramco.