Sino-Saudi petrochemical cooperation in the north and the south

Following the signing of a memorandum of understanding between Saudi Aramco and Sinopec, on March 10, the Sino-Saudi petrochemical industry cooperation came out with another big news

Zhongsha Gulei ethylene project was launched

Under the leadership of the Fujian Provincial Party Committee and the Provincial Government, Fujian Zhongsha Petrochemical Co.

Fujian Neng Hua Group said that the launch of this project is an important practice for Fujian Province to successfully introduce major foreign investment projects, an important starting point for the comprehensive implementation of the "Belt and Road" initiative, and it is also a breakthrough for Fujian Neng Hua Group to achieve high-quality development.

SABIC is a leader in the global chemical industry and the first company in the top 5 chemical companies in the world to settle in Gulei

The Panjin refining and chemical integration project was finalized on the same day

On the same day, Saudi Aramco announced that the company has made a final investment decision, and its joint venture Huajin Aramco Petrochemical Company will participate in the development of a large-scale integrated refining and chemical complex in Northeast China

It is reported that the joint venture project involved this time has signed an agreement as early as early 2019.

However, in August 2020, due to the turmoil in global oil prices caused by the new crown pneumonia epidemic, Saudi Aramco, which was hit hard by the economy, announced that it would adjust its corporate strategy and the project was delayed

　　This project is also the project with the largest single investment, the largest crude oil processing capacity and the largest amount of foreign investment in Panjin City