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Last Updated on 28
China Petroleum Engineering, a subsidiary of China National Petroleum Corporation (CNPC), has secured a USD 1 billion engineering, procurement, and construction (EPC) contract to build a petrochemical plant for a Chinese joint venture with Saudi Basic Industries Corporation (SABIC), one of the largest petrochemical company in the world.
Representative imageThe project, known as the SABIC Fujian Petrochemical Complex or the Sino-Saudi Gulei Ethylene Complex Project, is a landmark in SABIC's development in China. With an estimated total investment of USD 6.4 billion, the project marks a significant milestone in cross-regional cooperation between SABIC and Fujian Energy Petrochemical.
Fujian Zhongsha Petrochemical, a joint venture between Fujian Energy Petrochemical Group and Fujian Fuhua Gulei Petrochemical, a subsidiary of SABIC Industrial Investment, owns the petrochemical complex in Fujian's Gulei Industrial Park. The joint venture was established in March 2022.
The complex will consist of a mixed-feed steam cracker, with an expected annual ethylene capacity of up to 1.8 million tons. It will also include world-class downstream facilities, including ethylene glycol, polyethylene, polypropylene, polycarbonate, and several other units.
China Huanqiu Contracting and Engineering, a unit of China Petroleum Engineering, will construct production lines and ancillary equipment for the factory. The plant is expected to be operational by November 30, 2026.
The project is part of SABIC's investment footprint in China and aims to diversify its feedstock sources and establish a petrochemical manufacturing presence in Asia. The construction and operation of the project will use nine of SABIC's leading technologies. The final investment decision for the project was announced in January 2024.
The EPC contracts and a project financing loan agreement for the SABIC Fujian Petrochemical Complex were signed at the groundbreaking ceremony. The ceremony marked the start of the full execution and construction phases of the project.
The SABIC Fujian Petrochemical Complex project is a joint venture between SABIC and Fujian Energy Petrochemical Group Co. Ltd. The project is strategically located within the Gulei Petrochemical Industrial Park, one of the seven national petrochemical hubs in China.The joint venture with SABIC, one of the largest petrochemical chemical company in the world, was established in March 2022.
The final investment decision for the project was announced in January 2024. It is not only a centerpiece of SABIC’s investment portfolio in China but also stands as one of the largest petrochemical complexes in China.
The SABIC Fujian Petrochemical Complex project is a significant collaboration between multiple entities, which include:
SABIC Industrial Investment Company (SIIC)
SIIC is a wholly-owned subsidiary of SABIC. According to net income, SABIC, or Saudi Basic Industries Corporation, is a Saudi multinational chemical manufacturing company and one of the biggest publicly traded companies in the Middle East and Saudi Arabia. SIIC holds a 51% stake in the joint venture.
Fujian Fuhua Gulei Petrochemical Ltd.
Fujian Energy and Petrochemical Group is the owner of this company. It holds a 49% stake in the joint venture. Fujian Energy and Petrochemical Group is a significant player in the Chinese petrochemical market.
SABIC Fujian Petrochemicals Ltd
This is the joint venture company that SIIC and Fujian Fuhua Gulei Petrochemical Co., Ltd. established. It is responsible for building and operating the SABIC Fujian Petrochemical Complex.
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